Zacks Investment Research upgraded shares of Teekay Offshore Partners (NYSE:TOO) from a sell rating to a hold rating in a research note issued to investors on Thursday, January 11th.
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. “
Several other brokerages also recently issued reports on TOO. ValuEngine raised shares of Teekay Offshore Partners from a hold rating to a buy rating in a research note on Friday, December 1st. UBS Group lowered their price target on shares of Teekay Offshore Partners from $3.00 to $2.75 and set a buy rating on the stock in a report on Wednesday, November 15th. Finally, Wells Fargo & Co upgraded shares of Teekay Offshore Partners from a market perform rating to an outperform rating and boosted their price target for the company from $3.50 to $4.00 in a report on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $3.95.
Teekay Offshore Partners (NYSE:TOO) opened at $2.40 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.90. The company has a market capitalization of $975.91, a P/E ratio of -1.60, a price-to-earnings-growth ratio of 1.07 and a beta of 2.75. Teekay Offshore Partners has a 52 week low of $1.65 and a 52 week high of $6.16.
Teekay Offshore Partners (NYSE:TOO) last posted its quarterly earnings results on Thursday, November 9th. The shipping company reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.06). The company had revenue of $248.52 million during the quarter, compared to the consensus estimate of $252.12 million. Teekay Offshore Partners had a negative net margin of 21.88% and a positive return on equity of 3.91%. equities research analysts predict that Teekay Offshore Partners will post -0.99 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, February 2nd will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Thursday, February 1st. Teekay Offshore Partners’s dividend payout ratio is currently -2.67%.
A number of large investors have recently bought and sold shares of TOO. First Manhattan Co. acquired a new position in Teekay Offshore Partners in the fourth quarter worth about $6,478,000. CI Global Investments Inc. bought a new stake in Teekay Offshore Partners during the third quarter worth about $5,950,000. HITE Hedge Asset Management LLC bought a new stake in Teekay Offshore Partners during the third quarter worth about $3,016,000. Aquamarine Capital Management LLC bought a new stake in Teekay Offshore Partners during the fourth quarter worth about $2,360,000. Finally, Evergreen Capital Management LLC grew its stake in Teekay Offshore Partners by 44.1% during the third quarter. Evergreen Capital Management LLC now owns 1,442,062 shares of the shipping company’s stock worth $3,432,000 after buying an additional 441,130 shares during the last quarter. 18.21% of the stock is owned by hedge funds and other institutional investors.
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Teekay Offshore Partners Company Profile
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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