Teekay Offshore Partners (TOO) Upgraded to Buy at ValuEngine

Teekay Offshore Partners (NYSE:TOO) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday.

A number of other equities research analysts have also commented on TOO. UBS set a $3.00 price objective on shares of Teekay Offshore Partners and gave the stock a “buy” rating in a report on Monday, August 7th. Zacks Investment Research raised shares of Teekay Offshore Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. Finally, Wells Fargo & Company raised shares of Teekay Offshore Partners from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $3.50 to $4.00 in a research note on Thursday, September 14th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $3.95.

Shares of Teekay Offshore Partners (TOO) opened at $2.40 on Friday. The stock has a market cap of $963.50, a PE ratio of 29.38 and a beta of 2.80. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.90. Teekay Offshore Partners has a 1 year low of $1.65 and a 1 year high of $6.30.

A number of hedge funds have recently bought and sold shares of TOO. FMR LLC raised its stake in Teekay Offshore Partners by 2.1% during the second quarter. FMR LLC now owns 14,751,410 shares of the shipping company’s stock worth $42,337,000 after acquiring an additional 302,413 shares in the last quarter. CI Global Investments Inc. bought a new stake in Teekay Offshore Partners in the third quarter valued at approximately $5,950,000. Evergreen Capital Management LLC boosted its holdings in Teekay Offshore Partners by 44.1% in the third quarter. Evergreen Capital Management LLC now owns 1,442,062 shares of the shipping company’s stock valued at $3,432,000 after acquiring an additional 441,130 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in Teekay Offshore Partners in the third quarter valued at approximately $3,016,000. Finally, Luzich Partners LLC boosted its holdings in Teekay Offshore Partners by 27.7% in the second quarter. Luzich Partners LLC now owns 1,188,335 shares of the shipping company’s stock valued at $3,411,000 after acquiring an additional 257,700 shares during the last quarter. 17.80% of the stock is owned by institutional investors and hedge funds.

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Teekay Offshore Partners 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Teekay Offshore Partners (NYSE:TOO)

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