Stifel Financial Corp Invests $113,000 in Teekay Offshore Partners L.P. (TOO)

Stifel Financial Corp purchased a new stake in shares of Teekay Offshore Partners L.P. (NYSE:TOO) during the first quarter, Holdings Channel reports. The institutional investor purchased 22,290 shares of the shipping company’s stock, valued at approximately $113,000.

Other hedge funds have also recently added to or reduced their stakes in the company. HITE Hedge Asset Management LLC increased its stake in Teekay Offshore Partners L.P. by 32.1% in the fourth quarter. HITE Hedge Asset Management LLC now owns 655,526 shares of the shipping company’s stock valued at $3,317,000 after buying an additional 159,215 shares during the period. Guggenheim Capital LLC increased its stake in Teekay Offshore Partners L.P. by 257.2% in the fourth quarter. Guggenheim Capital LLC now owns 938,749 shares of the shipping company’s stock valued at $4,749,000 after buying an additional 675,906 shares during the period. Eagle Global Advisors LLC increased its stake in Teekay Offshore Partners L.P. by 1.4% in the first quarter. Eagle Global Advisors LLC now owns 11,005,693 shares of the shipping company’s stock valued at $55,799,000 after buying an additional 155,860 shares during the period. FMR LLC increased 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 shipping company’s stock valued at $67,190,000 after buying an additional 1,808,014 shares during the period. Finally, Creative Planning increased its stake in Teekay Offshore Partners L.P. by 31.5% in the first quarter. Creative Planning now owns 29,973 shares of the shipping company’s stock valued at $152,000 after buying an additional 7,178 shares during the period. Institutional investors and hedge funds own 53.53% of the company’s stock.

Teekay Offshore Partners L.P. (NYSE:TOO) opened at 2.51 on Monday. The stock’s 50 day moving average price is $3.05 and its 200-day moving average price is $4.77. The firm’s market cap is $375.79 million. Teekay Offshore Partners L.P. has a 12-month low of $1.65 and a 12-month high of $6.69.

Teekay Offshore Partners L.P. (NYSE:TOO) last posted its quarterly earnings data on Thursday, May 18th. The shipping company reported $0.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.22. The company had revenue of $276.10 million during the quarter, compared to analyst estimates of $249.09 million. Teekay Offshore Partners L.P. had a return on equity of 7.07% and a net margin of 4.98%. The firm’s quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. Equities research analysts anticipate that Teekay Offshore Partners L.P. will post $0.50 earnings per share for the current fiscal year.

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TOO has been the subject of several recent research reports. Morgan Stanley downgraded Teekay Offshore Partners L.P. from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $5.50 to $2.00 in a research note on Friday, June 9th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Teekay Offshore Partners L.P. in a report on Friday, March 17th. Zacks Investment Research raised Teekay Offshore Partners L.P. from a “hold” rating to a “strong-buy” rating and set a $2.25 price objective for the company in a report on Saturday, June 24th. Finally, ValuEngine cut Teekay Offshore Partners L.P. from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $3.13.

Teekay Offshore Partners L.P. 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.

Want to see what other hedge funds are holding TOO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teekay Offshore Partners L.P. (NYSE:TOO).

Institutional Ownership by Quarter for Teekay Offshore Partners L.P. (NYSE:TOO)

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