Shares of Teekay Offshore Partners L.P. (NYSE:TOO) fell 3.2% on Wednesday . The company traded as low as $5.39 and last traded at $5.44, with a volume of 305,801 shares. The stock had previously closed at $5.62.

A number of brokerages have recently weighed in on TOO. Wells Fargo & Co. reiterated a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research report on Thursday, July 7th. Zacks Investment Research upgraded Teekay Offshore Partners L.P. from a “hold” rating to a “buy” rating and set a $7.50 price target on the stock in a research report on Tuesday, April 26th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $6.00 target price on shares of Teekay Offshore Partners L.P. in a research report on Tuesday, April 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Teekay Offshore Partners L.P. currently has a consensus rating of “Hold” and an average price target of $9.76.

The stock has a market cap of $589.20 million and a P/E ratio of 14.03. The stock’s 50-day moving average is $5.56 and its 200 day moving average is $5.11.

Teekay Offshore Partners L.P. (NYSE:TOO) last released its earnings results on Thursday, May 19th. The company reported $0.58 earnings per share 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 analyst estimates of $301.82 million. Teekay Offshore Partners L.P.’s revenue was up 15.7% compared to the same quarter last year. On average, equities analysts predict that Teekay Offshore Partners L.P. will post $1.85 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 8.00%. The ex-dividend date is Wednesday, July 27th.

A hedge fund recently raised its stake in Teekay Offshore Partners L.P. stock. OppenheimerFunds Inc. boosted its position in Teekay Offshore Partners L.P. (NYSE:TOO) by 0.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,391,470 shares of the company’s stock after buying an additional 13,357 shares during the period. OppenheimerFunds Inc. owned 2.23% of Teekay Offshore Partners L.P. worth $15,497,000 as of its most recent SEC filing.

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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