Morgan Stanley Upgrades Teekay Offshore Partners (TOO) to Equal Weight

Teekay Offshore Partners (NYSE:TOO) was upgraded by stock analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has a $3.00 target price on the shipping company’s stock. Morgan Stanley’s target price points to a potential upside of 21.46% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. ValuEngine raised shares of Teekay Offshore Partners from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Zacks Investment Research raised shares of Teekay Offshore Partners from a “sell” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, UBS Group decreased their target price on shares of Teekay Offshore Partners from $3.00 to $2.75 and set a “buy” rating for the company in a research note on Wednesday, November 15th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $4.15.

Teekay Offshore Partners (TOO) traded up $0.22 during trading hours on Monday, hitting $2.47. 1,359,421 shares of the company traded hands, compared to its average volume of 1,590,000. Teekay Offshore Partners has a twelve month low of $1.65 and a twelve month high of $6.16. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $1,010.00, a PE ratio of -1.76, a PEG ratio of 1.01 and a beta of 2.75.

Teekay Offshore Partners (NYSE:TOO) last released its earnings results on Thursday, November 9th. The shipping company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.06). Teekay Offshore Partners had a negative net margin of 21.88% and a positive return on equity of 3.91%. The firm had revenue of $248.52 million during the quarter, compared to the consensus estimate of $252.12 million. research analysts predict that Teekay Offshore Partners will post -0.99 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in TOO. GSA Capital Partners LLP bought a new position in Teekay Offshore Partners during the third quarter worth $118,000. Virtu Financial LLC boosted its position in Teekay Offshore Partners by 51.4% during the fourth quarter. Virtu Financial LLC now owns 114,872 shares of the shipping company’s stock worth $271,000 after purchasing an additional 39,018 shares during the period. Institutional & Family Asset Management LLC bought a new position in Teekay Offshore Partners during the third quarter worth $279,000. Stockman Wealth Management Inc. bought a new position in Teekay Offshore Partners during the fourth quarter worth $391,000. Finally, Brookfield Asset Management Inc. boosted its position in Teekay Offshore Partners 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. 18.87% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Teekay Offshore Partners (NYSE:TOO)

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