Teekay Offshore Partners L.P. (TOO) Sees Unusually-High Trading Volume
Teekay Offshore Partners L.P. (NYSE:TOO) shares saw an uptick in trading volume on Friday . 1,606,981 shares changed hands during 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.
A number of research firms have weighed in on TOO. Morgan Stanley reaffirmed a “hold” rating on shares of Teekay Offshore Partners L.P. in a report on Tuesday, May 31st. Zacks Investment Research raised Teekay Offshore Partners L.P. from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 22nd. TheStreet downgraded Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a report on Friday, August 5th. Royal Bank Of Canada raised Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $5.00 to $8.00 in a report on Thursday, August 18th. Finally, Wells Fargo & Co. reaffirmed a “neutral” rating on shares of Teekay Offshore Partners L.P. in a report on Thursday, July 7th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $7.32.
The stock’s 50-day moving average price is $5.45 and its 200-day moving average price is $5.39. The stock’s market capitalization is $759.98 million.
Teekay Offshore Partners L.P. (NYSE:TOO) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.22 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.02. The business had revenue of $284.50 million for the quarter, compared to analysts’ expectations of $269.61 million. The company’s revenue was down 8.6% compared to the same quarter last year. On average, equities analysts forecast that Teekay Offshore Partners L.P. will post $1.48 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, July 29th were issued a $0.11 dividend. The ex-dividend date was Wednesday, July 27th. This represents a $0.44 annualized dividend and a yield of 7.96%.
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.