Shares of Teekay Offshore Partners L.P. (NYSE:TOO) traded down 5.2% on Wednesday . The company traded as low as $5.58 and last traded at $5.65, with a volume of 412,124 shares. The stock had previously closed at $5.96.

A number of analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Teekay Offshore Partners L.P. from a “buy” rating to a “hold” rating in a report on Saturday, April 23rd. Morgan Stanley restated a “hold” rating on shares of Teekay Offshore Partners L.P. in a report on Tuesday, May 31st. Wells Fargo & Co. restated a “neutral” rating on shares of Teekay Offshore Partners L.P. in a report on Thursday, July 7th. Finally, TheStreet upgraded shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a report on Thursday, March 24th. One equities 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 stock. Teekay Offshore Partners L.P. currently has an average rating of “Hold” and an average price target of $9.76.

The stock has a market cap of $607.41 million and a P/E ratio of 14.46. The company’s 50-day moving average is $5.65 and its 200 day moving average is $5.12.

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, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.18. The firm had revenue of $306.70 million for the quarter, compared to analyst estimates of $301.82 million. The business’s revenue was up 15.7% compared to the same quarter last year. Analysts predict that Teekay Offshore Partners L.P. will post $1.67 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, July 29th will be given a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, July 27th. This represents a $0.44 annualized dividend and a dividend yield of 7.65%.

Several hedge funds recently made changes to their positions in TOO. OppenheimerFunds Inc. raised its stake in shares of 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 raised its stake in shares of 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 bought a new stake in shares of Teekay Offshore Partners L.P. during the fourth quarter valued at about $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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