Teekay Offshore Partners L.P. (TOO) Rating Lowered to Hold at Zacks Investment Research

Teekay Offshore Partners L.P. (NYSE:TOO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, October 20th.

According to Zacks, “TEEKAY OFFSHORE PARTNERS L.P. is a publicly-traded master limited partnership formed by Teekay and is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore currently owns a twenty six percent interest in and controls OPCO with a fleet of thirty four shuttle tankers (nine of which are chartered-in), four floating storage and offtake units and nine conventional crude oil Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO. “

TOO has been the topic of several other research reports. UBS AG lowered shares of Teekay Offshore Partners L.P. from an “outperform” rating to a “market perform” rating in a report on Thursday, July 27th. Wells Fargo & Company raised shares of Teekay Offshore Partners L.P. from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $3.50 to $4.00 in a research report on Thursday, September 14th. ValuEngine raised shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Teekay Offshore Partners L.P. in a research report on Friday, July 28th. Finally, Citigroup Inc. raised shares of Teekay Offshore Partners L.P. from a “neutral” rating to a “buy” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Teekay Offshore Partners L.P. currently has an average rating of “Hold” and a consensus target price of $4.00.

Shares of Teekay Offshore Partners L.P. (NYSE:TOO) opened at 2.62 on Friday. The firm has a market cap of $403.11 million, a price-to-earnings ratio of 4.57 and a beta of 2.76. Teekay Offshore Partners L.P. has a 1-year low of $1.65 and a 1-year high of $6.30. The stock has a 50 day moving average of $2.55 and a 200-day moving average of $3.06.

Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings results on Thursday, August 3rd. The shipping company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.12. Teekay Offshore Partners L.P. had a net margin of 11.51% and a return on equity of 5.24%. The business had revenue of $244.60 million for the quarter, compared to analysts’ expectations of $270.00 million. During the same period in the prior year, the company posted $0.22 EPS. The business’s revenue for the quarter was down 14.0% on a year-over-year basis. Equities analysts anticipate that Teekay Offshore Partners L.P. will post $0.24 EPS for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Teekay Offshore Partners L.P. by 2.1% during the second quarter. FMR LLC now owns 14,751,410 shares of the shipping company’s stock worth $42,337,000 after buying an additional 302,413 shares in the last quarter. Eagle Global Advisors LLC boosted its holdings in Teekay Offshore Partners L.P. by 5.3% in the second quarter. Eagle Global Advisors LLC now owns 11,588,773 shares of the shipping company’s stock worth $33,260,000 after purchasing an additional 583,080 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Teekay Offshore Partners L.P. by 686.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,251,429 shares of the shipping company’s stock worth $6,345,000 after purchasing an additional 1,092,370 shares during the period. Luzich Partners LLC boosted its holdings in Teekay Offshore Partners L.P. by 27.7% in the second quarter. Luzich Partners LLC now owns 1,188,335 shares of the shipping company’s stock worth $3,411,000 after purchasing an additional 257,700 shares during the period. Finally, Evergreen Capital Management LLC boosted its holdings in Teekay Offshore Partners L.P. by 47.7% in the second quarter. Evergreen Capital Management LLC now owns 1,000,932 shares of the shipping company’s stock worth $2,873,000 after purchasing an additional 323,232 shares during the period. 48.29% of the stock is owned by institutional investors and hedge funds.

About Teekay Offshore Partners L.P.

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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