Teekay Offshore Partners L.P. (TOO) Stock Price Up 8.5%
Shares of Teekay Offshore Partners L.P. (NYSE:TOO) rose 8.5% on Friday . The stock traded as high as $5.72 and last traded at $5.62, with a volume of 512,623 shares traded. The stock had previously closed at $5.18.
TOO has been the topic of several recent research reports. Wells Fargo & Co. reissued a “neutral” rating on shares of Teekay Offshore Partners L.P. in a report on Thursday, July 7th. Zacks Investment Research raised Teekay Offshore Partners L.P. from a “hold” rating to a “buy” rating and set a $7.50 price objective on the stock in a report on Tuesday, April 26th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $6.00 price objective on shares of Teekay Offshore Partners L.P. in a report on Tuesday, April 19th. 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 stock. Teekay Offshore Partners L.P. currently has a consensus rating of “Hold” and an average target price of $9.76.
The company has a market capitalization of $596.70 million and a price-to-earnings ratio of 14.21. The company has a 50-day moving average of $5.54 and a 200-day moving average of $5.11.
Teekay Offshore Partners L.P. (NYSE:TOO) last released its quarterly earnings data on Thursday, May 19th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.18. The business earned $306.70 million during the quarter, compared to the consensus estimate of $301.82 million. The business’s revenue for the quarter was up 15.7% compared to the same quarter last year. Analysts forecast that Teekay Offshore Partners L.P. will post $1.85 earnings per share 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 paid a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, July 27th. This represents a $0.44 annualized dividend and a yield of 7.90%.
An institutional investor recently raised its position in Teekay Offshore Partners L.P. stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Teekay Offshore Partners L.P. (NYSE:TOO) by 75.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 350,065 shares of the company’s stock after buying an additional 150,528 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.33% of Teekay Offshore Partners L.P. worth $2,268,000 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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