Wells Fargo & Co Lowers Teekay Offshore Partners (TOO) to Market Perform

Wells Fargo & Co lowered shares of Teekay Offshore Partners (NYSE:TOO) from an outperform rating to a market perform rating in a report published on Thursday morning, MarketBeat Ratings reports.

Other equities research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Teekay Offshore Partners from a sell rating to a hold rating in a research report on Wednesday, November 28th. Zacks Investment Research raised Teekay Offshore Partners from a hold rating to a buy rating and set a $2.25 price objective for the company in a research report on Wednesday, November 7th.

Shares of NYSE TOO opened at $1.37 on Thursday. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.52 and a quick ratio of 0.52. Teekay Offshore Partners has a 1 year low of $1.13 and a 1 year high of $3.12. The firm has a market cap of $598.67 million, a price-to-earnings ratio of 137.00 and a beta of 2.37.

Several institutional investors have recently added to or reduced their stakes in the company. GSA Capital Partners LLP increased its stake in Teekay Offshore Partners by 159.7% during the second quarter. GSA Capital Partners LLP now owns 139,394 shares of the shipping company’s stock valued at $368,000 after acquiring an additional 85,711 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Teekay Offshore Partners by 16.3% in the 2nd quarter. Renaissance Technologies LLC now owns 756,405 shares of the shipping company’s stock worth $1,997,000 after buying an additional 106,005 shares during the last quarter. Van ECK Associates Corp lifted its position in Teekay Offshore Partners by 10.9% during the 2nd quarter. Van ECK Associates Corp now owns 1,239,186 shares of the shipping company’s stock valued at $3,271,000 after acquiring an additional 121,556 shares during the period. Natixis lifted its holdings in Teekay Offshore Partners by 40.0% during the second quarter. Natixis now owns 70,000 shares of the shipping company’s stock valued at $185,000 after purchasing an additional 20,000 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Teekay Offshore Partners by 31.3% in 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. Institutional investors own 76.01% of the company’s stock.

About Teekay Offshore Partners

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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