Teekay Offshore Partners L.P. (TOO) Trading 6.8% Higher
Teekay Offshore Partners L.P. (NYSE:TOO)’s share price traded up 6.8% during mid-day trading on Wednesday . The company traded as high as $5.84 and last traded at $5.79, with a volume of 232,902 shares. The stock had previously closed at $5.42.
A number of equities analysts recently issued reports on the stock. Wells Fargo & Co. reissued a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research note on Thursday. Zacks Investment Research raised shares of Teekay Offshore Partners L.P. from a “hold” rating to a “buy” rating and set a $7.50 price target for the company in a research note on Tuesday, April 26th. Morgan Stanley reissued an “equal weight” rating and issued a $6.00 price target on shares of Teekay Offshore Partners L.P. in a research note on Tuesday, April 19th. Finally, TheStreet raised shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research note on Thursday, March 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $9.76.
The firm’s 50-day moving average price is $5.71 and its 200 day moving average price is $5.12. The firm has a market capitalization of $570.99 million and a price-to-earnings ratio of 13.60.
Teekay Offshore Partners L.P. (NYSE:TOO) last released its quarterly earnings results on Thursday, May 19th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.18. The firm had revenue of $306.70 million for the quarter, compared to analysts’ expectations of $301.82 million. The firm’s revenue was up 15.7% on a year-over-year basis. On average, analysts expect that Teekay Offshore Partners L.P. will post $1.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be paid a dividend of $0.11 per share. The ex-dividend date is Wednesday, July 27th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 8.26%.
Several institutional investors have recently added to or reduced their stakes in TOO. Penserra Capital Management LLC purchased a new position in Teekay Offshore Partners L.P. during the fourth quarter worth approximately $2,992,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Teekay Offshore Partners L.P. by 75.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 350,065 shares of the company’s stock worth $2,268,000 after buying an additional 150,528 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its position in Teekay Offshore Partners L.P. by 0.6% in the fourth quarter. OppenheimerFunds Inc. now owns 2,391,470 shares of the company’s stock worth $15,497,000 after buying an additional 13,357 shares in the last quarter.
Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, towage and floating accommodation services to the offshore oil industry focusing on the fast-growing, deep-water offshore oil regions of the North Sea and Brazil. The Company operates shuttle tankers, floating production, storage and off-loading (FPSO) units, floating storage and off-take (FSO) units, and conventional crude oil tankers.
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