Teekay Offshore Partners L.P. (TOO) Sees Strong Trading Volume
Teekay Offshore Partners L.P. (NYSE:TOO) saw an uptick in trading volume on Friday . 1,606,981 shares were traded during mid-day trading, an increase of 162% from the previous session’s volume of 612,977 shares.The stock last traded at $5.53 and had previously closed at $5.44.
Several research firms have issued reports on TOO. Morgan Stanley reissued a “hold” rating on shares of Teekay Offshore Partners L.P. in a research report on Tuesday, May 31st. Zacks Investment Research raised shares of Teekay Offshore Partners L.P. from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 22nd. TheStreet cut shares of Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a research report on Friday, August 5th. Royal Bank Of Canada raised shares of Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $5.00 to $8.00 in a research report on Thursday, August 18th. Finally, Wells Fargo & Co. reaffirmed a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research report on Thursday, July 7th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Teekay Offshore Partners L.P. currently has a consensus rating of “Hold” and a consensus target price of $7.32.
The company has a 50-day moving average of $5.45 and a 200-day moving average of $5.39. The stock’s market capitalization is $759.98 million.
Teekay Offshore Partners L.P. (NYSE:TOO) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.02. The company had revenue of $284.50 million for the quarter, compared to analysts’ expectations of $269.61 million. The firm’s revenue was down 8.6% compared to the same quarter last year. Equities research analysts forecast that Teekay Offshore Partners L.P. will post $1.48 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, July 29th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 7.96%. 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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