Teekay Offshore Partners L.P. (NYSE:TOO) saw an uptick in trading volume on Friday after the company announced better than expected quarterly earnings. 3,867,666 shares were traded during mid-day trading, an increase of 695% from the previous session’s volume of 486,543 shares.The stock last traded at $1.33 and had previously closed at $1.15.
The shipping company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.03. The company had revenue of $405.81 million during the quarter, compared to analysts’ expectations of $384.50 million. Teekay Offshore Partners had a negative net margin of 13.24% and a positive return on equity of 3.40%.
Several research firms have recently weighed in on TOO. ValuEngine upgraded shares of Teekay Offshore Partners from a “hold” rating to a “buy” rating in a report on Tuesday, October 16th. Zacks Investment Research upgraded shares of Teekay Offshore Partners from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a report on Wednesday, November 7th. Wells Fargo & Co cut shares of Teekay Offshore Partners from an “outperform” rating to a “market perform” rating in a report on Thursday, January 10th. Finally, Morgan Stanley cut shares of Teekay Offshore Partners from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $2.75 to $1.00 in a report on Tuesday, January 22nd.
A number of institutional investors and hedge funds have recently made changes to their positions in TOO. Renaissance Technologies LLC boosted its holdings in Teekay Offshore Partners by 16.3% during the second quarter. Renaissance Technologies LLC now owns 756,405 shares of the shipping company’s stock worth $1,997,000 after purchasing an additional 106,005 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Teekay Offshore Partners by 31.3% during the second quarter. California Public Employees Retirement System now owns 95,986 shares of the shipping company’s stock worth $253,000 after purchasing an additional 22,886 shares during the last quarter. TCW Group Inc. acquired a new position in Teekay Offshore Partners during the third quarter worth $2,791,000. JPMorgan Chase & Co. boosted its holdings in Teekay Offshore Partners by 44.8% during the third quarter. JPMorgan Chase & Co. now owns 647,608 shares of the shipping company’s stock worth $1,515,000 after purchasing an additional 200,315 shares during the last quarter. Finally, RR Advisors LLC boosted its holdings in Teekay Offshore Partners by 30.3% during the third quarter. RR Advisors LLC now owns 1,075,000 shares of the shipping company’s stock worth $2,516,000 after purchasing an additional 250,000 shares during the last quarter. Institutional investors and hedge funds own 75.87% of the company’s stock.
The firm has a market capitalization of $545.36 million, a P/E ratio of 5.32 and a beta of 2.28. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.52 and a current ratio of 0.52.
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Teekay Offshore Partners Company Profile (NYSE:TOO)
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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