Teekay Offshore Partners L.P. (TOO) Receives Consensus Recommendation of “Hold” from Analysts
Shares of Teekay Offshore Partners L.P. (NYSE:TOO) have received a consensus rating of “Hold” from the eight research firms that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $4.19.
TOO has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Teekay Offshore Partners from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. UBS AG set a $3.00 price objective on shares of Teekay Offshore Partners and gave the stock a “buy” rating in a research report on Monday, August 7th. ValuEngine raised shares of Teekay Offshore Partners from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Wells Fargo & Company raised shares of Teekay Offshore Partners from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $3.50 to $4.00 in a research report on Thursday, September 14th.
Several hedge funds have recently made changes to their positions in the company. Creative Planning grew its position in shares of Teekay Offshore Partners by 20.7% during the 2nd quarter. Creative Planning now owns 36,188 shares of the shipping company’s stock worth $104,000 after buying an additional 6,215 shares during the period. Bank of America Corp DE grew its position in Teekay Offshore Partners by 22.8% in the 1st quarter. Bank of America Corp DE now owns 69,765 shares of the shipping company’s stock valued at $354,000 after purchasing an additional 12,966 shares during the period. Neuberger Berman Group LLC grew its position in Teekay Offshore Partners by 3.1% in the 2nd quarter. Neuberger Berman Group LLC now owns 489,735 shares of the shipping company’s stock valued at $1,406,000 after purchasing an additional 14,900 shares during the period. GSA Capital Partners LLP acquired a new stake in Teekay Offshore Partners in the 3rd quarter valued at $118,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in Teekay Offshore Partners by 16.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 368,728 shares of the shipping company’s stock valued at $878,000 after purchasing an additional 51,385 shares during the period. 50.74% of the stock is owned by institutional investors.
Teekay Offshore Partners (TOO) traded up $0.05 during trading on Monday, reaching $2.42. 390,100 shares of the company’s stock traded hands, compared to its average volume of 990,824. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.90. Teekay Offshore Partners has a 52-week low of $1.65 and a 52-week high of $6.30. The company has a market cap of $992.31, a price-to-earnings ratio of 30.25 and a beta of 2.83.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 10th. Stockholders of record on Friday, November 3rd were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Thursday, November 2nd. Teekay Offshore Partners’s dividend payout ratio (DPR) is 6.78%.
About Teekay Offshore Partners
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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