Teekay Offshore Partners (TOO) Lowered to “Hold” at Zacks Investment Research

Teekay Offshore Partners (NYSE:TOO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

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. “

A number of other analysts have also recently issued reports on TOO. ValuEngine raised Teekay Offshore Partners from a “sell” rating to a “hold” rating in a research note on Friday, March 1st. TheStreet raised shares of Teekay Offshore Partners from a “d” rating to a “c-” rating in a research note on Monday, February 11th. Wells Fargo & Co cut shares of Teekay Offshore Partners from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 10th. Finally, Morgan Stanley cut shares of Teekay Offshore Partners from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $2.75 to $1.00 in a research note on Tuesday, January 22nd. One analyst has rated the stock with a sell rating and three have given a hold rating to the company. Teekay Offshore Partners currently has an average rating of “Hold” and a consensus price target of $1.13.

NYSE TOO opened at $1.15 on Thursday. Teekay Offshore Partners has a 52-week low of $1.07 and a 52-week high of $3.12. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $492.38 million, a P/E ratio of 3.97 and a beta of 2.28.

Teekay Offshore Partners (NYSE:TOO) last posted its earnings results on Friday, February 8th. The shipping company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Teekay Offshore Partners had a positive return on equity of 17.18% and a negative net margin of 8.25%. The business had revenue of $405.81 million during the quarter, compared to analysts’ expectations of $384.50 million. As a group, sell-side analysts expect that Teekay Offshore Partners will post -0.19 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Essex Financial Services Inc. bought a new position in shares of Teekay Offshore Partners during the 4th quarter worth approximately $61,000. Raymond James & Associates grew its stake in shares of Teekay Offshore Partners by 39.5% during the 4th quarter. Raymond James & Associates now owns 62,239 shares of the shipping company’s stock worth $75,000 after acquiring an additional 17,620 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Teekay Offshore Partners during the 4th quarter worth approximately $78,000. California Public Employees Retirement System grew its stake in shares of Teekay Offshore Partners by 31.3% during the 2nd quarter. California Public Employees Retirement System now owns 95,986 shares of the shipping company’s stock worth $253,000 after acquiring an additional 22,886 shares in the last quarter. Finally, GSA Capital Partners LLP grew its stake in shares of Teekay Offshore Partners by 27.1% during the 3rd quarter. GSA Capital Partners LLP now owns 177,128 shares of the shipping company’s stock worth $414,000 after acquiring an additional 37,734 shares in the last quarter. 75.94% of the stock is owned by institutional investors.

Teekay Offshore Partners Company Profile

Teekay Offshore Partners L.P. provides marine transportation, oil production, storage, long-distance towing and offshore installation, and maintenance and safety services for the oil industry. It operates in six segments: Floating Production, Storage and Offloading (FPSO); Shuttle Tanker; Floating Storage and Off-Take (FSO); Unit for Maintenance and Safety (UMS); Towage and Offshore Installation Vessels; and Conventional Tanker.

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