Teekay Offshore Partners L.P. (NYSE:TOO) has been given an average recommendation of “Hold” by the eight analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $4.19.
A number of equities analysts have recently issued reports on the company. ValuEngine raised Teekay Offshore Partners from a “hold” rating to a “buy” rating in a report on Friday, December 1st. UBS dropped their target price 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. Zacks Investment Research cut Teekay Offshore Partners from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 15th. Finally, Wells Fargo & Company raised Teekay Offshore Partners from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $3.50 to $4.00 in a report on Thursday, September 14th.
Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Teekay Offshore Partners by 22.8% during 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 in the last quarter. Brookfield Asset Management Inc. increased its holdings in Teekay Offshore Partners by 273.9% during the 2nd quarter. Brookfield Asset Management Inc. now owns 175,207 shares of the shipping company’s stock valued at $503,000 after purchasing an additional 128,343 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in Teekay Offshore Partners during the 3rd quarter valued at $3,016,000. FMR LLC increased its holdings in Teekay Offshore Partners by 2.1% during the 2nd quarter. FMR LLC now owns 14,751,410 shares of the shipping company’s stock valued at $42,337,000 after purchasing an additional 302,413 shares in the last quarter. Finally, CI Global Investments Inc. acquired a new stake in Teekay Offshore Partners during the 3rd quarter valued at $5,950,000. 17.68% of the stock is owned by hedge funds and other institutional investors.
Shares of Teekay Offshore Partners (NYSE TOO) traded down $0.05 on Friday, hitting $2.34. The stock had a trading volume of 590,400 shares, compared to its average volume of 1,001,818. Teekay Offshore Partners has a fifty-two week low of $1.65 and a fifty-two week 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. The firm has a market cap of $979.90, a PE ratio of 29.88 and a beta of 2.79.
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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.
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