Teekay Offshore Partners (TOO) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Teekay Offshore Partners (NYSE:TOO) from a buy rating to a hold rating in a research note released on Thursday morning.

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 raised Teekay Offshore Partners from a sell rating to a hold rating in a research note on Wednesday.

Shares of TOO stock opened at $1.66 on Thursday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 2.57. Teekay Offshore Partners has a twelve month low of $1.62 and a twelve month high of $3.12. The company has a market capitalization of $697.08 million, a P/E ratio of 166.00 and a beta of 2.38.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Friday, November 2nd were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, November 1st. Teekay Offshore Partners’s payout ratio is 400.00%.

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of 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 in the last quarter. GSA Capital Partners LLP raised its stake in shares of Teekay Offshore Partners by 27.1% in the 3rd quarter. GSA Capital Partners LLP now owns 177,128 shares of the shipping company’s stock valued at $414,000 after acquiring an additional 37,734 shares in the last quarter. FMR LLC raised its stake in shares of Teekay Offshore Partners by 5.4% in the 3rd quarter. FMR LLC now owns 34,492,807 shares of the shipping company’s stock valued at $80,713,000 after acquiring an additional 1,776,005 shares in the last quarter. RR Advisors LLC raised its stake in shares of Teekay Offshore Partners by 30.3% in the 3rd quarter. RR Advisors LLC now owns 1,075,000 shares of the shipping company’s stock valued at $2,516,000 after acquiring an additional 250,000 shares in the last quarter. Finally, TCW Group Inc. bought a new position in shares of Teekay Offshore Partners in the 3rd quarter valued at approximately $2,791,000. 76.64% of the stock is currently owned by institutional investors and hedge funds.

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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