Teekay Offshore Partners L.P. (TOO) Shares Up 8.5%
Teekay Offshore Partners L.P. (NYSE:TOO) shot up 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.
Several brokerages recently weighed in on TOO. Zacks Investment Research upgraded shares of Teekay Offshore Partners L.P. from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. Wells Fargo & Co. restated a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research report on Thursday, July 7th. Finally, Morgan Stanley restated a “hold” rating on shares of Teekay Offshore Partners L.P. in a research report on Tuesday, May 31st. One investment 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. Teekay Offshore Partners L.P. has a consensus rating of “Hold” and an average price target of $9.76.
The stock has a market capitalization of $596.70 million and a P/E ratio of 14.21. The company has a 50-day moving average of $5.53 and a 200-day moving average of $5.12.
Teekay Offshore Partners L.P. (NYSE:TOO) last announced its earnings results on Thursday, May 19th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, equities research analysts anticipate that Teekay Offshore Partners L.P. will post $1.85 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 7.90%. 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 stake in shares of Teekay Offshore Partners L.P. (NYSE:TOO) by 0.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,391,470 shares of the company’s stock after buying an additional 13,357 shares during the period. OppenheimerFunds Inc. owned approximately 2.23% of Teekay Offshore Partners L.P. worth $15,497,000 as of its most recent filing with the SEC.
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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