Teekay Offshore Partners (TOO) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Teekay Offshore Partners (NYSE:TOO) from a hold rating to a buy rating in a research note published on Wednesday. The firm currently has $2.25 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. “

Separately, ValuEngine cut shares of Teekay Offshore Partners from a buy rating to a hold rating in a research report on Friday, September 7th.

TOO stock opened at $1.94 on Wednesday. The company has a market cap of $807.79 million, a P/E ratio of 194.00 and a beta of 2.38. Teekay Offshore Partners has a 1 year low of $1.91 and a 1 year high of $3.12. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 2.57.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Friday, November 2nd were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date was Thursday, November 1st. Teekay Offshore Partners’s dividend payout ratio is 400.00%.

A number of hedge funds have recently added to or reduced their stakes in TOO. Royce & Associates LP acquired a new position in Teekay Offshore Partners during the 2nd quarter worth approximately $148,000. Natixis increased its position in Teekay Offshore Partners by 40.0% during the 2nd quarter. Natixis now owns 70,000 shares of the shipping company’s stock worth $185,000 after purchasing an additional 20,000 shares in the last quarter. California Public Employees Retirement System increased its position in Teekay Offshore Partners by 31.3% during the 2nd quarter. California Public Employees Retirement System now owns 95,986 shares of the shipping company’s stock worth $253,000 after purchasing an additional 22,886 shares in the last quarter. GSA Capital Partners LLP increased its position in Teekay Offshore Partners by 159.7% during the 2nd quarter. GSA Capital Partners LLP now owns 139,394 shares of the shipping company’s stock worth $368,000 after purchasing an additional 85,711 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Teekay Offshore Partners by 44.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 647,608 shares of the shipping company’s stock valued at $1,515,000 after acquiring an additional 200,315 shares during the period. Institutional investors and hedge funds own 75.90% 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 Conventional Tanker.

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