Teekay Offshore Partners (NYSE:TOO) released its quarterly earnings results on Friday. The shipping company reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.03, Morningstar.com reports. Teekay Offshore Partners had a positive return on equity of 3.40% and a negative net margin of 13.24%. The business had revenue of $405.81 million during the quarter, compared to analyst estimates of $384.50 million.
Shares of NYSE:TOO traded up $0.18 during midday trading on Friday, reaching $1.33. The company had a trading volume of 3,867,359 shares, compared to its average volume of 314,842. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 2.57. Teekay Offshore Partners has a 1-year low of $1.10 and a 1-year high of $3.12. The firm has a market capitalization of $471.55 million, a price-to-earnings ratio of 133.00 and a beta of 2.28.
A number of equities analysts recently weighed in on the company. ValuEngine lowered Teekay Offshore Partners from a “hold” rating to a “sell” rating in a research report on Friday. Zacks Investment Research upgraded Teekay Offshore Partners from a “strong sell” rating to a “hold” rating and set a $1.25 price target for the company in a research report on Tuesday, January 29th. Morgan Stanley lowered Teekay Offshore Partners from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $2.75 to $1.00 in a research report on Tuesday, January 22nd. Finally, Wells Fargo & Co lowered Teekay Offshore Partners from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 10th.
Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of Teekay Offshore Partners by 44.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 647,608 shares of the shipping company’s stock valued at $1,515,000 after purchasing an additional 200,315 shares during the period. California Public Employees Retirement System boosted its position in Teekay Offshore Partners by 31.3% during the 2nd quarter. California Public Employees Retirement System now owns 95,986 shares of the shipping company’s stock worth $253,000 after acquiring an additional 22,886 shares during the period. FMR LLC boosted its position in Teekay Offshore Partners by 5.4% during the 3rd quarter. FMR LLC now owns 34,492,807 shares of the shipping company’s stock worth $80,713,000 after acquiring an additional 1,776,005 shares during the period. TCW Group Inc. acquired a new stake in Teekay Offshore Partners during the 3rd quarter worth about $2,791,000. Finally, GSA Capital Partners LLP boosted its position in Teekay Offshore Partners by 27.1% during the 3rd quarter. GSA Capital Partners LLP now owns 177,128 shares of the shipping company’s stock worth $414,000 after acquiring an additional 37,734 shares during the period. Institutional investors and hedge funds own 75.87% of the company’s stock.
About Teekay Offshore Partners
Teekay Offshore Partners L.P. provides marine transportation, oil production, storage, long-distance towing and offshore installation, and maintenance and safety services for the oil industry. It operates in six segments: Floating Production, Storage and Offloading (FPSO); Shuttle Tanker; Floating Storage and Off-Take (FSO); Unit for Maintenance and Safety (UMS); Towage; and Conventional Tanker.
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