Teekay Offshore Partners L.P. (TOO) Receives Average Rating of “Buy” from Brokerages

Shares of Teekay Offshore Partners L.P. (NYSE:TOO) have been given a consensus rating of “Buy” by the eight brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among analysts that have covered the stock in the last year is $4.19.

TOO has been the topic of a number of analyst reports. Zacks Investment Research raised Teekay Offshore Partners from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. UBS Group lowered their target price on 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, ValuEngine raised Teekay Offshore Partners from a “hold” rating to a “buy” rating in a report on Friday, December 1st.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brookfield Asset Management Inc. grew its holdings in Teekay Offshore Partners by 273.9% in the 2nd quarter. Brookfield Asset Management Inc. now owns 175,207 shares of the shipping company’s stock valued at $503,000 after buying an additional 128,343 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in shares of Teekay Offshore Partners in the 3rd quarter worth approximately $3,016,000. FMR LLC lifted its position in shares of Teekay Offshore Partners by 2.1% in the 2nd quarter. FMR LLC now owns 14,751,410 shares of the shipping company’s stock worth $42,337,000 after acquiring an additional 302,413 shares during the period. CI Global Investments Inc. bought a new stake in shares of Teekay Offshore Partners in the 3rd quarter worth approximately $5,950,000. Finally, Evergreen Capital Management LLC lifted its position in shares of Teekay Offshore Partners by 44.1% in the 3rd quarter. Evergreen Capital Management LLC now owns 1,442,062 shares of the shipping company’s stock worth $3,432,000 after acquiring an additional 441,130 shares during the period. 17.68% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Teekay Offshore Partners (NYSE:TOO) traded up $0.02 during midday trading on Tuesday, hitting $2.78. The stock had a trading volume of 1,650,000 shares, compared to its average volume of 1,536,559. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $1,139.93, a price-to-earnings ratio of -1.85, a price-to-earnings-growth ratio of 1.25 and a beta of 2.79. Teekay Offshore Partners has a fifty-two week low of $1.65 and a fifty-two week high of $6.30.

Teekay Offshore Partners (NYSE:TOO) last issued its quarterly earnings data on Thursday, November 9th. The shipping company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.06). Teekay Offshore Partners had a negative net margin of 21.88% and a positive return on equity of 3.91%. analysts predict that Teekay Offshore Partners will post -0.99 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, February 2nd will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Thursday, February 1st. Teekay Offshore Partners’s dividend payout ratio (DPR) is currently -2.67%.

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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.

Analyst Recommendations for Teekay Offshore Partners (NYSE:TOO)

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