Teekay Offshore Partners L.P. (NYSE:TOO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $3.00 target price on the shipping company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.21% from the company’s previous close.

According to Zacks, “TEEKAY OFFSHORE PARTNERS L.P. is a publicly-traded master limited partnership formed by Teekay and is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore currently owns a twenty six percent interest in and controls OPCO with a fleet of thirty four shuttle tankers (nine of which are chartered-in), four floating storage and offtake units and nine conventional crude oil Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO. “

A number of other analysts also recently commented on the company. Wells Fargo & Company raised Teekay Offshore Partners L.P. from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $3.50 to $4.00 in a research note on Thursday, September 14th. Citigroup Inc. raised Teekay Offshore Partners L.P. from a “neutral” rating to a “buy” rating in a research note on Tuesday, July 25th. ValuEngine raised Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. UBS AG downgraded Teekay Offshore Partners L.P. from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 27th. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Teekay Offshore Partners L.P. in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $4.00.

Teekay Offshore Partners L.P. (TOO) traded down 0.75% on Thursday, reaching $2.65. The company’s stock had a trading volume of 699,665 shares. The firm has a 50-day moving average price of $2.51 and a 200 day moving average price of $3.16. Teekay Offshore Partners L.P. has a 52-week low of $1.65 and a 52-week high of $6.49. The firm has a market capitalization of $407.72 million, a P/E ratio of 4.62 and a beta of 2.76.

Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings data on Thursday, August 3rd. The shipping company reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.12. Teekay Offshore Partners L.P. had a return on equity of 5.24% and a net margin of 11.51%. The company had revenue of $244.60 million for the quarter, compared to the consensus estimate of $270.00 million. During the same quarter in the previous year, the business earned $0.22 EPS. The company’s quarterly revenue was down 14.0% compared to the same quarter last year. Equities analysts anticipate that Teekay Offshore Partners L.P. will post $0.24 earnings per share for the current fiscal year.

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Several institutional investors have recently made changes to their positions in the company. Brookfield Asset Management Inc. raised its position in shares of Teekay Offshore Partners L.P. by 273.9% during the second quarter. Brookfield Asset Management Inc. now owns 175,207 shares of the shipping company’s stock worth $503,000 after purchasing an additional 128,343 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in Teekay Offshore Partners L.P. by 55.5% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 317,343 shares of the shipping company’s stock valued at $911,000 after buying an additional 113,300 shares during the period. Luzich Partners LLC raised its position in Teekay Offshore Partners L.P. by 27.7% during the second quarter. Luzich Partners LLC now owns 1,188,335 shares of the shipping company’s stock valued at $3,411,000 after buying an additional 257,700 shares during the period. FMR LLC raised its position in Teekay Offshore Partners L.P. by 2.1% during the second quarter. FMR LLC now owns 14,751,410 shares of the shipping company’s stock valued at $42,337,000 after buying an additional 302,413 shares during the period. Finally, Evergreen Capital Management LLC raised its position in Teekay Offshore Partners L.P. by 47.7% during the second quarter. Evergreen Capital Management LLC now owns 1,000,932 shares of the shipping company’s stock valued at $2,873,000 after buying an additional 323,232 shares during the period. 48.32% of the stock is currently owned by institutional investors.

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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