Teekay Offshore Partners L.P. (NYSE:TOO) was upgraded by Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, The Fly reports.

Other equities analysts also recently issued research reports about the stock. UBS AG set a $3.00 price target on shares of Teekay Offshore Partners L.P. and gave the stock a “buy” rating in a research note on Monday, August 7th. Citigroup Inc. raised shares of Teekay Offshore Partners L.P. from a “neutral” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised shares of Teekay Offshore Partners L.P. from a “hold” rating to a “buy” rating and set a $2.75 price target on the stock in a research note on Thursday, July 13th. ValuEngine raised shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Teekay Offshore Partners L.P. in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Teekay Offshore Partners L.P. has a consensus rating of “Hold” and a consensus price target of $3.94.

Teekay Offshore Partners L.P. (NYSE:TOO) opened at 2.46 on Thursday. The firm has a market cap of $378.49 million, a P/E ratio of 4.29 and a beta of 2.73. Teekay Offshore Partners L.P. has a 1-year low of $1.65 and a 1-year high of $6.69. The firm has a 50 day moving average of $2.46 and a 200 day moving average of $3.63.

Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings results on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.12. The company had revenue of $244.60 million for the quarter, compared to the consensus estimate of $270.00 million. Teekay Offshore Partners L.P. had a net margin of 11.51% and a return on equity of 5.24%. Teekay Offshore Partners L.P.’s revenue was down 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.22 earnings per share. On average, equities research analysts expect that Teekay Offshore Partners L.P. will post $0.25 EPS for the current year.

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Several institutional investors have recently added to or reduced their stakes in the company. Ronna Sue Cohen increased its position in shares of Teekay Offshore Partners L.P. by 0.7% in the first quarter. Ronna Sue Cohen now owns 101,454 shares of the shipping company’s stock worth $514,000 after acquiring an additional 686 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Teekay Offshore Partners L.P. by 3.9% in the first quarter. Global X Management Co. LLC now owns 40,054 shares of the shipping company’s stock worth $203,000 after acquiring an additional 1,487 shares in the last quarter. Berson & Corrado Investment Advisors LLC increased its position in shares of Teekay Offshore Partners L.P. by 0.6% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 651,369 shares of the shipping company’s stock worth $1,869,000 after acquiring an additional 3,944 shares in the last quarter. Creative Planning increased its position in shares of Teekay Offshore Partners L.P. by 20.7% in the second quarter. Creative Planning now owns 36,188 shares of the shipping company’s stock worth $104,000 after acquiring an additional 6,215 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of Teekay Offshore Partners L.P. by 22.8% in the first quarter. Bank of America Corp DE now owns 69,765 shares of the shipping company’s stock worth $354,000 after acquiring an additional 12,966 shares in the last quarter. 48.36% of the stock is currently owned by institutional investors and hedge funds.

Teekay Offshore Partners L.P. Company Profile

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.

The Fly

Analyst Recommendations for Teekay Offshore Partners L.P. (NYSE:TOO)

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