Teekay Offshore Partners L.P. (TOO) Earns Buy Rating from Royal Bank of Canada

Royal Bank of Canada reissued their buy rating on shares of Teekay Offshore Partners L.P. (NYSE:TOO) in a report released on Friday. The brokerage currently has a $8.00 price target on the stock.

Separately, Zacks Investment Research lowered shares of Teekay Offshore Partners L.P. from a hold rating to a strong sell rating in a research report on Thursday, March 2nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $4.19.

Shares of Teekay Offshore Partners L.P. (NYSE:TOO) opened at 5.02 on Friday. Teekay Offshore Partners L.P. has a 12-month low of $4.06 and a 12-month high of $7.25. The firm’s market cap is $740.52 million. The stock has a 50 day moving average price of $5.48 and a 200 day moving average price of $5.63.

Teekay Offshore Partners L.P. (NYSE:TOO) last released its earnings results on Thursday, February 23rd. The company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.03. Teekay Offshore Partners L.P. had a negative net margin of 0.88% and a positive return on equity of 18.41%. The business had revenue of $274.92 million for the quarter, compared to analyst estimates of $275.56 million. During the same period last year, the company posted $0.62 EPS. The business’s revenue was down 18.9% on a year-over-year basis. On average, equities analysts expect that Teekay Offshore Partners L.P. will post $0.78 earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust raised its stake in Teekay Offshore Partners L.P. by 5.3% in the third quarter. Parkside Financial Bank & Trust now owns 70,970 shares of the company’s stock valued at $448,000 after buying an additional 3,570 shares during the last quarter. Gilman Hill Asset Management LLC raised its stake in Teekay Offshore Partners L.P. by 12.6% in the third quarter. Gilman Hill Asset Management LLC now owns 277,099 shares of the company’s stock valued at $1,751,000 after buying an additional 31,103 shares during the last quarter. Endurance Wealth Management Inc. raised its stake in Teekay Offshore Partners L.P. by 2,881.3% in the third quarter. Endurance Wealth Management Inc. now owns 47,700 shares of the company’s stock valued at $309,000 after buying an additional 46,100 shares during the last quarter. Berson & Corrado Investment Advisors LLC raised its stake in Teekay Offshore Partners L.P. by 13.4% in the third quarter. Berson & Corrado Investment Advisors LLC now owns 544,700 shares of the company’s stock valued at $3,443,000 after buying an additional 64,452 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in Teekay Offshore Partners L.P. by 18.3% in the third quarter. Neuberger Berman Group LLC now owns 521,235 shares of the company’s stock valued at $3,294,000 after buying an additional 80,795 shares during the last quarter. 54.20% of the stock is currently owned by hedge funds and other institutional investors.

Teekay Offshore Partners L.P. Company Profile

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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