Teekay Offshore Partners L.P. (TOO) Shares Up 11.8%
Teekay Offshore Partners L.P. (NYSE:TOO)’s share price shot up 11.8% during trading on Thursday . The stock traded as high as $5.99 and last traded at $5.86, with a volume of 844,015 shares trading hands. The stock had previously closed at $5.24.
Several brokerages recently commented on TOO. RBC Capital Markets raised shares of Teekay Offshore Partners L.P. from a “sector perform” rating to an “outperform” rating and set a $8.00 price objective for the company in a research note on Thursday. 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. Zacks Investment Research raised shares of Teekay Offshore Partners L.P. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 22nd. Wells Fargo & Co. reissued a “neutral” rating on shares of Teekay Offshore Partners L.P. in a research note on Thursday, July 7th. Finally, Morgan Stanley reissued a “hold” rating on shares of Teekay Offshore Partners L.P. in a research note on Tuesday, May 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $7.32.
The stock’s market capitalization is $810.84 million. The firm has a 50-day moving average price of $5.50 and a 200 day moving average price of $5.25.
Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.02. The company had revenue of $284.50 million for the quarter, compared to the consensus estimate of $269.61 million. Teekay Offshore Partners L.P.’s revenue for the quarter was down 8.6% compared to the same quarter last year. On average, analysts expect that Teekay Offshore Partners L.P. will post $1.76 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Friday, July 29th were issued a dividend of $0.11 per share. The ex-dividend date was Wednesday, July 27th. This represents a $0.44 dividend on an annualized basis and a yield of 8.40%.
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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