Teekay Offshore Partners L.P. (TOO) Receives Average Rating of “Hold” from Analysts
Teekay Offshore Partners L.P. (NYSE:TOO) has been assigned an average rating of “Hold” from the eleven research firms that are presently covering the stock. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $7.76.
Several analysts recently commented on the company. Zacks Investment Research raised Teekay Offshore Partners L.P. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 22nd. Wells Fargo & Co. reiterated a “neutral” rating on shares of Teekay Offshore Partners L.P. in a report on Thursday, July 7th. TheStreet cut Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a report on Friday, August 5th. RBC Capital Markets upgraded Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and set a $8.00 target price for the company in a report on Thursday, August 18th. Finally, Royal Bank Of Canada upgraded Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $5.00 to $8.00 in a report on Thursday, August 18th.
Teekay Offshore Partners L.P. (NYSE:TOO) traded up 3.42% during trading on Tuesday, hitting $6.35. The company had a trading volume of 149,672 shares. The stock’s market capitalization is $872.67 million. The stock has a 50-day moving average of $5.88 and a 200-day moving average of $5.76. Teekay Offshore Partners L.P. has a one year low of $2.30 and a one year high of $16.72.
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Teekay Offshore Partners L.P. (NYSE:TOO) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.02. The company earned $284.50 million during the quarter, compared to analyst estimates of $269.61 million. The business’s quarterly revenue was down 8.6% on a year-over-year basis. On average, equities analysts anticipate that Teekay Offshore Partners L.P. will post $1.48 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, November 4th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 7.17%. The ex-dividend date is Wednesday, November 2nd.
Institutional investors have recently made changes to their positions in the stock. KCG Holdings Inc. bought a new position in shares of Teekay Offshore Partners L.P. during the second quarter valued at $162,000. HBK Investments L P bought a new position in shares of Teekay Offshore Partners L.P. during the first quarter valued at $169,000. Trust Asset Management LLC boosted its position in shares of Teekay Offshore Partners L.P. by 2.4% in the second quarter. Trust Asset Management LLC now owns 35,343 shares of the company’s stock valued at $210,000 after buying an additional 827 shares during the last quarter. Benchmark Capital Advisors boosted its position in shares of Teekay Offshore Partners L.P. by 9.2% in the second quarter. Benchmark Capital Advisors now owns 59,500 shares of the company’s stock valued at $354,000 after buying an additional 5,000 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Teekay Offshore Partners L.P. by 3.9% in the first quarter. State Street Corp now owns 65,542 shares of the company’s stock valued at $372,000 after buying an additional 2,453 shares during the last quarter.
About Teekay Offshore Partners L.P.
Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry in North Sea, Brazil and the East Coast of Canada. The Company operates shuttle tankers; towage vessels; floating, production, storage and off-loading (FPSO) units; floating storage and off-take (FSO) units; units for maintenance and safety (UMS); long-distance towing and offshore installation vessels, and conventional crude oil tankers.
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