Teekay Offshore Partners (TOO) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Teekay Offshore Partners (NYSE:TOO) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday, Zacks.com reports. Zacks Investment Research currently has $1.25 price objective on the shipping company’s stock.

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 equities research analysts also recently weighed in on the stock. Morgan Stanley downgraded shares of Teekay Offshore Partners from an equal weight rating to an underweight rating and decreased their price target for the company from $2.75 to $1.00 in a research note on Tuesday, January 22nd. ValuEngine raised shares of Teekay Offshore Partners from a sell rating to a hold rating in a research note on Tuesday, January 29th. Finally, TheStreet downgraded shares of Teekay Offshore Partners from a c- rating to a d+ rating in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $1.13.

Shares of NYSE TOO opened at $1.16 on Thursday. Teekay Offshore Partners has a twelve month low of $1.07 and a twelve month high of $2.90. The firm has a market cap of $475.97 million, a P/E ratio of 4.00 and a beta of 2.37. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 2.41.

Teekay Offshore Partners (NYSE:TOO) last announced its earnings results on Tuesday, April 30th. The shipping company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $302.57 million during the quarter, compared to the consensus estimate of $280.50 million. On average, research analysts predict that Teekay Offshore Partners will post -0.04 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of TOO. Essex Financial Services Inc. bought a new stake in Teekay Offshore Partners in the fourth quarter valued at $61,000. Raymond James & Associates increased its stake in Teekay Offshore Partners by 39.5% in the fourth quarter. Raymond James & Associates now owns 62,239 shares of the shipping company’s stock valued at $75,000 after purchasing an additional 17,620 shares in the last quarter. Hsbc Holdings PLC bought a new stake in Teekay Offshore Partners in the fourth quarter valued at $78,000. Acadian Asset Management LLC bought a new stake in Teekay Offshore Partners in the first quarter valued at $135,000. Finally, Millennium Management LLC increased its stake in Teekay Offshore Partners by 48.4% in the fourth quarter. Millennium Management LLC now owns 262,475 shares of the shipping company’s stock valued at $318,000 after purchasing an additional 85,635 shares in the last quarter. 75.03% of the stock is owned by hedge funds and other institutional investors.

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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