Teekay Offshore Partners L.P. (TOO) Stock Price Up 11.8%
Teekay Offshore Partners L.P. (NYSE:TOO) rose 11.8% during mid-day trading on Thursday . The stock traded as high as $5.99 and last traded at $5.86, with a volume of 844,015 shares traded. The stock had previously closed at $5.24.
TOO has been the subject of several research reports. 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. Morgan Stanley reiterated a “hold” rating on shares of Teekay Offshore Partners L.P. in a research note on Tuesday, May 31st. Wells Fargo & Co. reiterated a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research note on Thursday, July 7th. TheStreet downgraded shares of Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a research note on Friday, August 5th. Finally, Royal Bank Of Canada upgraded shares of Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $5.00 to $8.00 in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $7.32.
The company has a 50-day moving average price of $5.50 and a 200-day moving average price of $5.26. The stock’s market cap is $788.85 million.
Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $284.50 million for the quarter, compared to the consensus estimate of $269.61 million. The firm’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities analysts anticipate that Teekay Offshore Partners L.P. will post $1.76 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Friday, July 29th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 7.67%. The ex-dividend date of this dividend was Wednesday, July 27th.
Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry in North Sea, Brazil and the East Coast of Canada. The Company operates shuttle tankers; towage vessels; floating, production, storage and off-loading (FPSO) units; floating storage and off-take (FSO) units; units for maintenance and safety (UMS); long-distance towing and offshore installation vessels, and conventional crude oil tankers.
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