HITE Hedge Asset Management LLC acquired a new position in Teekay Offshore Partners L.P. (NYSE:TOO) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,267,072 shares of the shipping company’s stock, valued at approximately $3,016,000. Teekay Offshore Partners makes up about 0.8% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 26th biggest position. HITE Hedge Asset Management LLC owned about 0.82% of Teekay Offshore Partners as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Creative Planning boosted its position in shares of Teekay Offshore Partners by 20.7% in the 2nd quarter. Creative Planning now owns 36,188 shares of the shipping company’s stock worth $104,000 after purchasing an additional 6,215 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Teekay Offshore Partners by 22.8% in the 1st quarter. Bank of America Corp DE now owns 69,765 shares of the shipping company’s stock worth $354,000 after purchasing an additional 12,966 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Teekay Offshore Partners in the 2nd quarter worth $249,000. Brookfield Asset Management Inc. raised its stake in Teekay Offshore Partners by 273.9% in the 2nd quarter. Brookfield Asset Management Inc. now owns 175,207 shares of the shipping company’s stock worth $503,000 after acquiring an additional 128,343 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Teekay Offshore Partners by 55.5% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 317,343 shares of the shipping company’s stock worth $911,000 after acquiring an additional 113,300 shares during the last quarter. 50.74% of the stock is owned by hedge funds and other institutional investors.
TOO has been the subject of a number of research analyst reports. UBS AG set a $3.00 target price on Teekay Offshore Partners and gave the stock a “buy” rating in a research note on Monday, August 7th. Zacks Investment Research lowered Teekay Offshore Partners from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. ValuEngine upgraded Teekay Offshore Partners from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Finally, Wells Fargo & Company upgraded Teekay Offshore Partners from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $3.50 to $4.00 in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Teekay Offshore Partners currently has a consensus rating of “Hold” and an average target price of $3.95.
Shares of Teekay Offshore Partners L.P. (NYSE TOO) traded down $0.12 during mid-day trading on Monday, reaching $2.30. The company had a trading volume of 756,211 shares, compared to its average volume of 990,824. The stock has a market cap of $992.31, a price-to-earnings ratio of 30.25 and a beta of 2.83. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.54 and a quick ratio of 0.54. Teekay Offshore Partners L.P. has a one year low of $1.65 and a one year high of $6.30.
The company also recently announced a quarterly dividend, which was paid on Friday, November 10th. Investors of record on Friday, November 3rd were paid a $0.01 dividend. The ex-dividend date was Thursday, November 2nd. This represents a $0.04 dividend on an annualized basis and a yield of 1.74%. Teekay Offshore Partners’s dividend payout ratio (DPR) is 6.78%.
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Teekay Offshore Partners 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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