UBS AG cut shares of Teekay Offshore Partners L.P. (NYSE:TOO) from an outperform rating to a market perform rating in a research report report published on Thursday, The Fly reports.

TOO has been the topic of a number of other research reports. Citigroup Inc. raised Teekay Offshore Partners L.P. from a neutral rating to a buy rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Teekay Offshore Partners L.P. from a hold rating to a strong-buy rating and set a $2.25 price objective on the stock in a research note on Saturday, June 24th. Morgan Stanley lowered Teekay Offshore Partners L.P. from an equal weight rating to an underweight rating and reduced their price objective for the stock from $5.50 to $2.00 in a research note on Friday, June 9th. Finally, ValuEngine lowered Teekay Offshore Partners L.P. from a hold rating to a sell rating in a research note on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $3.25.

Teekay Offshore Partners L.P. (NYSE:TOO) remained flat at $2.60 during midday trading on Thursday. 953,398 shares of the company’s stock were exchanged. The firm’s market cap is $389.27 million. Teekay Offshore Partners L.P. has a 1-year low of $1.65 and a 1-year high of $6.69. The stock has a 50-day moving average price of $2.43 and a 200 day moving average price of $4.40.

Teekay Offshore Partners L.P. (NYSE:TOO) last announced its quarterly earnings results on Thursday, May 18th. The shipping company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.22. Teekay Offshore Partners L.P. had a return on equity of 7.07% and a net margin of 4.98%. The firm had revenue of $276.10 million for the quarter, compared to analysts’ expectations of $249.09 million. During the same period in the prior year, the business posted $0.41 earnings per share. The business’s revenue was down 10.0% compared to the same quarter last year. On average, analysts predict that Teekay Offshore Partners L.P. will post $0.28 EPS for the current fiscal year.

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The company also recently declared a dividend, which will be paid on Friday, August 11th. Stockholders of record on Monday, August 7th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, August 3rd. Teekay Offshore Partners L.P.’s dividend payout ratio (DPR) is presently -176.00%.

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in Teekay Offshore Partners L.P. by 22.8% in the first quarter. Bank of America Corp DE now owns 69,765 shares of the shipping company’s stock worth $354,000 after buying an additional 12,966 shares in the last quarter. Morgan Stanley increased its stake in Teekay Offshore Partners L.P. by 51.0% in the first quarter. Morgan Stanley now owns 833,071 shares of the shipping company’s stock worth $4,224,000 after buying an additional 281,296 shares in the last quarter. Global X Management Co. LLC increased its stake in Teekay Offshore Partners L.P. by 3.9% in the first quarter. Global X Management Co. LLC now owns 40,054 shares of the shipping company’s stock worth $203,000 after buying an additional 1,487 shares in the last quarter. Arrow Investment Advisors LLC increased its stake in Teekay Offshore Partners L.P. by 34.9% in the first quarter. Arrow Investment Advisors LLC now owns 181,669 shares of the shipping company’s stock worth $921,000 after buying an additional 47,004 shares in the last quarter. Finally, FMR LLC increased its stake in Teekay Offshore Partners L.P. by 8.8% in the first quarter. FMR LLC now owns 14,448,997 shares of the shipping company’s stock worth $73,256,000 after buying an additional 1,170,300 shares in the last quarter. 53.51% of the stock is currently owned by institutional investors and hedge funds.

Teekay Offshore Partners L.P. 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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