Teekay Offshore Partners L.P. (TOO) Declares $0.01 Quarterly Dividend
Teekay Offshore Partners L.P. (NYSE:TOO) announced a quarterly dividend on Wednesday, October 4th, Wall Street Journal reports. Investors of record on Friday, November 3rd will be paid a dividend of 0.01 per share by the shipping company on Friday, November 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Thursday, November 2nd.
Teekay Offshore Partners L.P. has decreased its dividend by an average of 40.5% annually over the last three years. Teekay Offshore Partners L.P. has a dividend payout ratio of 12.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Teekay Offshore Partners L.P. to earn $0.42 per share next year, which means the company should continue to be able to cover its $0.04 annual dividend with an expected future payout ratio of 9.5%.
Teekay Offshore Partners L.P. (NYSE TOO) traded down 1.57% during midday trading on Wednesday, reaching $2.51. 214,200 shares of the company traded hands. Teekay Offshore Partners L.P. has a 12-month low of $1.65 and a 12-month high of $6.69. The company has a 50 day moving average of $2.44 and a 200-day moving average of $3.35. The stock has a market capitalization of $386.18 million, a P/E ratio of 4.38 and a beta of 2.76.
Teekay Offshore Partners L.P. (NYSE:TOO) last released its quarterly earnings data on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.12. The firm had revenue of $244.60 million for the quarter, compared to analyst estimates of $270.00 million. Teekay Offshore Partners L.P. had a net margin of 11.51% and a return on equity of 5.24%. The business’s quarterly revenue was down 14.0% compared to the same quarter last year. During the same period last year, the firm earned $0.22 earnings per share. Equities analysts anticipate that Teekay Offshore Partners L.P. will post $0.24 EPS for the current fiscal year.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th. Wells Fargo & Company upgraded Teekay Offshore Partners L.P. from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $3.50 to $4.00 in a research note on Thursday, September 14th. ValuEngine raised Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a report on Friday, September 1st. UBS AG set a $3.00 price objective on Teekay Offshore Partners L.P. and gave the stock a “buy” rating in a report on Monday, August 7th. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Teekay Offshore Partners L.P. in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Teekay Offshore Partners L.P. presently has an average rating of “Hold” and an average target price of $3.95.
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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.
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