Teekay Offshore Partners L.P. (TOO) Trading Down 1.6%

Teekay Offshore Partners L.P. (NYSE:TOO)’s share price fell 1.6% during mid-day trading on Tuesday . The company traded as low as $2.33 and last traded at $2.49. 2,090,400 shares were traded during trading, an increase of 107% from the average session volume of 1,007,739 shares. The stock had previously closed at $2.53.

Several brokerages have recently issued reports on TOO. UBS AG set a $3.00 target price on shares of Teekay Offshore Partners L.P. and gave the company a “buy” rating in a research report on Monday, August 7th. Zacks Investment Research upgraded shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a report on Wednesday, September 27th. 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. ValuEngine upgraded shares of Teekay Offshore Partners L.P. from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Citigroup Inc. upgraded shares of Teekay Offshore Partners L.P. from a “neutral” rating to a “buy” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $4.00.

The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.90. The stock has a market capitalization of $984.11, a PE ratio of 31.63, a price-to-earnings-growth ratio of 1.36 and a beta of 2.83.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 10th. Stockholders of record on Friday, November 3rd were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, November 2nd. Teekay Offshore Partners L.P.’s dividend payout ratio is 6.78%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its position in shares of Teekay Offshore Partners L.P. by 2.1% during the second quarter. FMR LLC now owns 14,751,410 shares of the shipping company’s stock valued at $42,337,000 after acquiring an additional 302,413 shares in the last quarter. Eagle Global Advisors LLC raised its holdings in shares of Teekay Offshore Partners L.P. by 5.3% in the second quarter. Eagle Global Advisors LLC now owns 11,588,773 shares of the shipping company’s stock worth $33,260,000 after buying an additional 583,080 shares during the last quarter. CI Global Investments Inc. acquired a new stake in shares of Teekay Offshore Partners L.P. in the third quarter worth $5,950,000. Evergreen Capital Management LLC increased its stake in shares of Teekay Offshore Partners L.P. by 44.1% in the third quarter. Evergreen Capital Management LLC now owns 1,442,062 shares of the shipping company’s stock worth $3,432,000 after acquiring an additional 441,130 shares during the period. Finally, HITE Hedge Asset Management LLC acquired a new stake in shares of Teekay Offshore Partners L.P. in the third quarter worth $3,016,000. 49.35% of the stock is currently owned by institutional investors.

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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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