Royal Bank of Canada Reiterates Buy Rating for Teekay Offshore Partners L.P. (TOO)

Teekay Offshore Partners L.P. (NYSE:TOO)‘s stock had its “buy” rating restated by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Friday. They currently have a $8.00 target price on the stock. Royal Bank of Canada’s target price suggests a potential upside of 59.36% from the stock’s previous close.

Separately, Zacks Investment Research downgraded shares of Teekay Offshore Partners L.P. from a “hold” rating to a “strong sell” rating in a research note on Thursday, March 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $4.19.

Teekay Offshore Partners L.P. (NYSE:TOO) opened at 5.02 on Friday. The firm’s market capitalization is $740.52 million. The company 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. has a 52-week low of $4.06 and a 52-week high of $7.25.

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

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Large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Teekay Offshore Partners L.P. by 15.8% in the fourth quarter. FMR LLC now owns 13,278,697 shares of the company’s stock valued at $67,190,000 after buying an additional 1,808,014 shares during the period. Rovida Advisors Inc. purchased a new stake in Teekay Offshore Partners L.P. during the third quarter valued at about $9,465,000. Luminus Management LLC purchased a new stake in Teekay Offshore Partners L.P. during the fourth quarter valued at about $6,813,000. JPMorgan Chase & Co. boosted its stake in Teekay Offshore Partners L.P. by 8,768,120.0% in the third quarter. JPMorgan Chase & Co. now owns 1,315,233 shares of the company’s stock valued at $8,312,000 after buying an additional 1,315,218 shares during the period. Finally, Advisory Research Inc. boosted its stake in Teekay Offshore Partners L.P. by 4.1% in the fourth quarter. Advisory Research Inc. now owns 18,539,198 shares of the company’s stock valued at $93,809,000 after buying an additional 727,931 shares during the period. 54.20% of the stock is owned by institutional investors and hedge funds.

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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