Teekay Offshore Partners L.P. (TOO) was Upgraded by RBC Capital Mkts to ” Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 8 from a previous price target of $5 . Earlier the firm had a rating of “Sector Perform ” on the company shares. RBC Capital Mkts advised their investors in a research report released on Aug 18, 2016.
On the company’s financial health, Teekay Offshore Partners L.P. reported $0.22 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.19. The company had revenue of $284.50 million for the quarter, compared to analysts expectations of $269.10 million. The company’s revenue was down -8.6 % compared to the same quarter last year.
Teekay Offshore Partners L.P. opened for trading at $5.18 and hit $5.27 on the upside on Wednesday, eventually ending the session at $5.24, with a gain of 0.77% or 0.04 points. The heightened volatility saw the trading volume jump to 5,44,909 shares. Company has a market cap of $720 M.
Teekay Offshore Partners L.P. is a provider of marine transportation oil production storage towage and floating accommodation services to the offshore oil industry focusing on the fast-growing deep-water offshore oil regions of the North Sea and Brazil. The Company operates shuttle tankers floating production storage and off-loading (FPSO) units floating storage and off-take (FSO) units and conventional crude oil tankers. As of December 31 2014 the Company’s fleet consisted of 34 shuttle tankers including two chartered-in vessels and one HiLoad Dynamic Positioning (DP) unit; seven FPSO units including the Libra FPSO and the Petrojarl I FPSO conversion and upgrade projects; six FSO units and four conventional oil tankers in which its interests range from 50% to 100%. Its operational segments include the shuttle tanker segment the FPSO segment the FSO segment the conventional tanker segment towage segment and floating accommodation units (FAUs) segment.