Teekay Offshore Part PT Lowered to $32.50 (TOO)
Equities research analysts at JPMorgan Chase lowered their price target on shares of Teekay Offshore Part (NYSE: TOO) from $33.00 to $32.50 in a research note issued to investors on Wednesday. The firm currently has an “overweight” rating on the stock.
The analysts wrote, “Despite a modest Q4 DCF beat, we are trimming our DPU estimates and PT to account for a reduced tanker vessel count, chiefly on the back of tanker disposals (conventional) and conversions (shuttle) – a long-term positive despite a near-term reduction of DCF. Our lower DPU estimate is now in-line with consensus and consistent with mgmt’s intent to lift 2013 by mid-single digit cents (JPMe +$0.05/unit or +2% vs. prior +5%; JPMe 3.5% y/y in 2014). We reiterate our Overweight recommendation with firm backing for a c.8% yield and c.15% upside potential implied by our revised PT of $32.50 (-2%).”
Separately, analysts at Raymond James downgraded shares of Teekay Offshore Part from a “strong-buy” rating to an “outperform” rating in a research note to investors on Wednesday, January 30th. They now have a $30.00 price target on the stock.
Shares of Teekay Offshore Part traded down 2.13% during mid-day trading on Wednesday, hitting $28.03. Teekay Offshore Part has a one year low of $24.55 and a one year high of $30.14. The stock’s 50-day moving average is currently $27.89. The company has a market cap of $2.245 billion and a P/E ratio of 17.18.
Teekay Offshore Partners L.P. (Teekay Offshore) is an international provider of marine transportation and storage services to the offshore oil industry.
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