Teekay Offshore Partners L.P. (TOO) Stock Price Up 2.6%
Shares of Teekay Offshore Partners L.P. (NYSE:TOO) rose 2.6% during mid-day trading on Tuesday . The stock traded as high as $5.55 and last traded at $5.50, with a volume of 303,438 shares traded. The stock had previously closed at $5.36.
TOO has been the topic of several analyst reports. Zacks Investment Research lowered shares of Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a research report on Thursday, May 19th. Morgan Stanley reiterated a “hold” rating on shares of Teekay Offshore Partners L.P. in a research report on Tuesday, May 31st. Wells Fargo & Co. reissued 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 raised shares of Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $5.00 to $8.00 in a research note on Thursday, August 18th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $7.32.
The stock’s 50-day moving average is $5.48 and its 200-day moving average is $5.36. The firm’s market capitalization is $761.36 million.
Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by $0.02. The firm had revenue of $284.50 million for the quarter, compared to the consensus estimate of $269.61 million. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. On average, analysts forecast that Teekay Offshore Partners L.P. will post $1.48 EPS for the current fiscal year.
The firm 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 annualized dividend and a dividend yield of 7.94%. 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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