Teekay Offshore Partners (NYSE:TOO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $1.25 price objective on the shipping company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 0.81% from the company’s previous close.
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. “
Several other brokerages also recently weighed in on TOO. Morgan Stanley downgraded shares of Teekay Offshore Partners from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $2.75 to $1.00 in a report on Tuesday, January 22nd. ValuEngine downgraded shares of Teekay Offshore Partners from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 1st. Finally, TheStreet downgraded shares of Teekay Offshore Partners from a “c-” rating to a “d+” rating in a report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $1.13.
Shares of TOO traded up $0.05 during mid-day trading on Thursday, hitting $1.24. 6,461 shares of the company traded hands, compared to its average volume of 441,777. Teekay Offshore Partners has a 1-year low of $1.07 and a 1-year high of $3.12. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 2.41. The company has a market cap of $508.79 million, a P/E ratio of 4.28 and a beta of 2.37.
Teekay Offshore Partners (NYSE:TOO) last issued its quarterly earnings results on Tuesday, April 30th. The shipping company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.10. Teekay Offshore Partners had a negative net margin of 10.04% and a positive return on equity of 20.06%. The company had revenue of $302.57 million for the quarter, compared to the consensus estimate of $280.50 million. On average, research analysts anticipate that Teekay Offshore Partners will post -0.19 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. CI Investments Inc. acquired a new position in Teekay Offshore Partners in the 4th quarter worth approximately $7,260,000. Evergreen Capital Management LLC grew its stake in shares of Teekay Offshore Partners by 4.1% during the 1st quarter. Evergreen Capital Management LLC now owns 3,578,930 shares of the shipping company’s stock worth $4,295,000 after purchasing an additional 140,171 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Teekay Offshore Partners by 21.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,134,466 shares of the shipping company’s stock worth $1,361,000 after purchasing an additional 203,726 shares during the period. Globeflex Capital L P acquired a new stake in shares of Teekay Offshore Partners during the 4th quarter worth approximately $578,000. Finally, Deutsche Bank AG grew its stake in shares of Teekay Offshore Partners by 62.0% during the 4th quarter. Deutsche Bank AG now owns 445,900 shares of the shipping company’s stock worth $539,000 after purchasing an additional 170,645 shares during the period. Institutional investors own 75.03% of the company’s stock.
Teekay Offshore Partners Company Profile
Teekay Offshore Partners L.P. provides marine transportation, oil production, storage, long-distance towing and offshore installation, and maintenance and safety services for the oil industry. It operates in six segments: Floating Production, Storage and Offloading (FPSO); Shuttle Tanker; Floating Storage and Off-Take (FSO); Unit for Maintenance and Safety (UMS); Towage and Offshore Installation Vessels; and Conventional Tanker.
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