Teekay Offshore Partners L.P. (NYSE:TOO) declared a quarterly dividend on Wednesday, October 4th, Wall Street Journal reports. Shareholders of record on Friday, November 3rd will be paid a dividend of 0.01 per share by the shipping company on Friday, November 10th. This represents a $0.04 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Thursday, November 2nd.
Teekay Offshore Partners L.P. has decreased its dividend by an average of 40.5% per year over the last three years. Teekay Offshore Partners L.P. has a dividend payout ratio of 12.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Teekay Offshore Partners L.P. to earn $0.50 per share next year, which means the company should continue to be able to cover its $0.04 annual dividend with an expected future payout ratio of 8.0%.
Teekay Offshore Partners L.P. (NYSE:TOO) opened at 2.56 on Wednesday. Teekay Offshore Partners L.P. has a one year low of $1.65 and a one year high of $6.40. The firm has a market capitalization of $393.88 million, a PE ratio of 4.47 and a beta of 2.76. The firm has a 50 day moving average of $2.56 and a 200 day moving average of $3.00.
Teekay Offshore Partners L.P. (NYSE:TOO) last posted its earnings results on Thursday, August 3rd. The shipping company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.12. The company had revenue of $244.60 million during the quarter, compared to analyst estimates of $270.00 million. Teekay Offshore Partners L.P. had a return on equity of 5.24% and a net margin of 11.51%. The company’s revenue for the quarter was down 14.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.22 EPS. Equities analysts forecast that Teekay Offshore Partners L.P. will post $0.24 EPS for the current year.
Several equities analysts have recently issued reports on the company. Zacks Investment Research lowered Teekay Offshore Partners L.P. from a “buy” rating to a “hold” rating in a research report on Friday, October 20th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Teekay Offshore Partners L.P. in a research report on Friday, July 28th. UBS AG lowered Teekay Offshore Partners L.P. from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 27th. Citigroup Inc. upgraded Teekay Offshore Partners L.P. from a “neutral” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Wells Fargo & Company upgraded Teekay Offshore Partners L.P. from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $3.50 to $4.00 in a research report on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $4.00.
About Teekay Offshore Partners L.P.
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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