Teekay Offshore Partners L.P. (TOO) Lowered to “Strong Sell” at Zacks Investment Research

Teekay Offshore Partners L.P. (NYSE:TOO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday.

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 subject of several other research reports. Citigroup Inc. upgraded shares of Teekay Offshore Partners L.P. from a “neutral” rating to a “buy” rating in a report on Tuesday, July 25th. UBS AG downgraded shares of Teekay Offshore Partners L.P. from an “outperform” rating to a “market perform” rating in a report on Thursday, July 27th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Teekay Offshore Partners L.P. in a report on Friday, July 28th. ValuEngine upgraded shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Finally, Wells Fargo & Company upgraded shares of Teekay Offshore Partners L.P. from a “market perform” rating to an “outperform” rating and increased their target price for the company from $3.50 to $4.00 in a report on Thursday, September 14th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock 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 $2.35 on Wednesday. The company has a market cap of $383.11, a PE ratio of 31.13, a PEG ratio of 1.34 and a beta of 2.83. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.90. Teekay Offshore Partners L.P. has a 1-year low of $1.65 and a 1-year high of $6.30.

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A number of institutional investors and hedge funds have recently bought and sold shares of the stock. HITE Hedge Asset Management LLC bought a new position in Teekay Offshore Partners L.P. during the third quarter valued at about $3,016,000. Evergreen Capital Management LLC grew its position in Teekay Offshore Partners L.P. by 44.1% during the third quarter. Evergreen Capital Management LLC now owns 1,442,062 shares of the shipping company’s stock valued at $3,432,000 after buying an additional 441,130 shares during the period. Arrow Investment Advisors LLC grew its position in Teekay Offshore Partners L.P. by 141.5% during the third quarter. Arrow Investment Advisors LLC now owns 339,180 shares of the shipping company’s stock valued at $807,000 after buying an additional 198,728 shares during the period. CI Global Investments Inc. bought a new position in Teekay Offshore Partners L.P. during the third quarter valued at about $5,950,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in Teekay Offshore Partners L.P. by 16.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 368,728 shares of the shipping company’s stock valued at $878,000 after buying an additional 51,385 shares during the period. Institutional investors own 49.35% of the company’s stock.

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.

Analyst Recommendations for Teekay Offshore Partners L.P. (NYSE:TOO)

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