Teekay Offshore Partners (NYSE:TOO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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 brokerages have also recently issued reports on TOO. ValuEngine raised Teekay Offshore Partners from a “hold” rating to a “buy” rating in a report on Friday, December 1st. UBS Group cut their price objective on Teekay Offshore Partners from $3.00 to $2.75 and set a “buy” rating for the company in a report on Wednesday, November 15th. Finally, Wells Fargo & Co raised Teekay Offshore Partners from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $3.50 to $4.00 in a report on Thursday, September 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Teekay Offshore Partners has a consensus rating of “Buy” and an average target price of $3.95.

Shares of Teekay Offshore Partners (TOO) traded up $0.21 during midday trading on Thursday, hitting $2.85. The company’s stock had a trading volume of 3,842,500 shares, compared to its average volume of 2,479,514. The company has a market capitalization of $1,170.00, a PE ratio of -2.04, a PEG ratio of 1.17 and a beta of 2.79. Teekay Offshore Partners has a 12 month low of $1.65 and a 12 month high of $6.30. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.54 and a current ratio of 0.54.

Hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP bought a new position in shares of Teekay Offshore Partners in the third quarter valued at about $118,000. Institutional & Family Asset Management LLC bought a new position in shares of Teekay Offshore Partners in the third quarter valued at about $279,000. Brookfield Asset Management Inc. raised its holdings in shares of Teekay Offshore Partners by 273.9% in the second 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. Arrow Investment Advisors LLC raised its holdings in shares of Teekay Offshore Partners by 141.5% in 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 last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of Teekay Offshore Partners by 16.2% in 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 last quarter. 17.68% of the stock is owned by institutional investors.

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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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