Teekay Offshore Partners L.P. (TOO) Shares Up 6.8%
Teekay Offshore Partners L.P. (NYSE:TOO) shot up 6.8% during trading on Wednesday . The stock traded as high as $5.84 and last traded at $5.79, with a volume of 232,902 shares trading hands. The stock had previously closed at $5.42.
Several research firms have commented on TOO. Morgan Stanley reiterated a “hold” rating on shares of Teekay Offshore Partners L.P. in a research note on Tuesday, May 31st. TheStreet raised shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research report on Thursday, March 24th. Finally, 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Teekay Offshore Partners L.P. currently has an average rating of “Hold” and a consensus price target of $9.76.
The company has a 50-day moving average of $5.73 and a 200-day moving average of $5.12. The firm has a market capitalization of $598.84 million and a P/E ratio of 14.26.
Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings data on Thursday, May 19th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.40 by $0.18. The business had revenue of $306.70 million for the quarter, compared to the consensus estimate of $301.82 million. Teekay Offshore Partners L.P.’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, analysts predict that Teekay Offshore Partners L.P. will post $1.67 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, July 29th will be issued a dividend of $0.11 per share. The ex-dividend date is Wednesday, July 27th. This represents a $0.44 annualized dividend and a dividend yield of 7.87%.
Several hedge funds and institutional investors recently added to or reduced their stakes in TOO. OppenheimerFunds Inc. boosted its position in Teekay Offshore Partners L.P. by 0.6% in the fourth quarter. OppenheimerFunds Inc. now owns 2,391,470 shares of the company’s stock valued at $15,497,000 after buying an additional 13,357 shares during the last quarter. Penserra Capital Management LLC bought a new position in Teekay Offshore Partners L.P. during the fourth quarter valued at $2,992,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Teekay Offshore Partners L.P. by 75.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 350,065 shares of the company’s stock valued at $2,268,000 after buying an additional 150,528 shares during the last quarter.
Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, towage and floating accommodation services to the offshore oil industry focusing on the fast-growing, deep-water offshore oil regions of the North Sea and Brazil. The Company operates shuttle tankers, floating production, storage and off-loading (FPSO) units, floating storage and off-take (FSO) units, and conventional crude oil tankers.