Teekay Offshore Partners L.P. (NYSE:TOO) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 288,000 shares, a drop of 17.0% from the May 30th total of 347,100 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average daily trading volume, of 525,000 shares, the short-interest ratio is presently 0.5 days.
Several equities research analysts recently commented on TOO shares. Zacks Investment Research downgraded shares of G1 Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. TheStreet downgraded shares of UDR from a “b” rating to a “c” rating in a research report on Tuesday, April 30th. Finally, ValuEngine downgraded shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $1.13.
NYSE:TOO opened at $1.31 on Friday. The stock’s 50 day simple moving average is $1.19. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 2.41. Teekay Offshore Partners has a one year low of $1.03 and a one year high of $2.63. The firm has a market cap of $537.51 million, a P/E ratio of 4.52 and a beta of 2.36.
Large investors have recently bought and sold shares of the stock. Raymond James & Associates increased its stake in shares of Teekay Offshore Partners by 39.5% during the fourth quarter. Raymond James & Associates now owns 62,239 shares of the shipping company’s stock valued at $75,000 after acquiring an additional 17,620 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Teekay Offshore Partners during the fourth quarter valued at approximately $78,000. Globeflex Capital L P acquired a new position in shares of Teekay Offshore Partners during the fourth quarter valued at approximately $578,000. Millennium Management LLC increased its stake in shares of Teekay Offshore Partners by 48.4% during the fourth quarter. Millennium Management LLC now owns 262,475 shares of the shipping company’s stock valued at $318,000 after acquiring an additional 85,635 shares during the period. Finally, CI Investments Inc. acquired a new position in shares of Teekay Offshore Partners during the fourth quarter valued at approximately $7,260,000. Institutional investors and hedge funds own 74.84% 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 Offshore Installation Vessels; and Conventional Tanker.
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