Teekay Offshore Partners L.P. (TOO) Stock Price Up 6.2%
Shares of Teekay Offshore Partners L.P. (NYSE:TOO) rose 6.2% on Tuesday . The stock traded as high as $6.00 and last traded at $5.99, with a volume of 563,771 shares trading hands. The stock had previously closed at $5.64.
TOO has been the subject of several research analyst reports. 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. Morgan Stanley reaffirmed an “equal weight” rating and set a $6.00 price target on shares of Teekay Offshore Partners L.P. in a research note on Tuesday, April 19th. Zacks Investment Research downgraded shares of Teekay Offshore Partners L.P. from a “buy” rating to a “hold” rating in a research note on Saturday, April 23rd. Finally, Wells Fargo & Co. reaffirmed a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research note on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $9.76.
The stock has a 50-day moving average of $5.67 and a 200-day moving average of $5.11. The stock has a market cap of $638.48 million and a price-to-earnings ratio of 15.20.
Teekay Offshore Partners L.P. (NYSE:TOO) last issued its quarterly earnings data on Thursday, May 19th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.18. The business had revenue of $306.70 million for the quarter, compared to analysts’ expectations of $301.82 million. Teekay Offshore Partners L.P.’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities research analysts anticipate that Teekay Offshore Partners L.P. will post $1.67 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Friday, July 29th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 7.38%. The ex-dividend date of this dividend is Wednesday, July 27th.
Other hedge funds have recently added to or reduced their stakes in the company. OppenheimerFunds Inc. boosted its stake 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 valued at $15,497,000 after buying an additional 13,357 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake 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 valued at $2,268,000 after buying an additional 150,528 shares during the period. Finally, Penserra Capital Management LLC purchased a new stake in Teekay Offshore Partners L.P. during the fourth quarter valued at approximately $2,992,000.
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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