Teekay Offshore Partners L.P. (TOO) Expected to Post Quarterly Sales of $267.37 Million

Wall Street brokerages forecast that Teekay Offshore Partners L.P. (NYSE:TOO) will report $267.37 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Teekay Offshore Partners’ earnings, with the highest sales estimate coming in at $272.04 million and the lowest estimate coming in at $262.70 million. Teekay Offshore Partners posted sales of $251.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.5%. The company is expected to report its next earnings results on Thursday, May 17th.

On average, analysts expect that Teekay Offshore Partners will report full year sales of $267.37 million for the current year, with estimates ranging from $1.10 billion to $1.21 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.18 billion per share, with estimates ranging from $1.00 billion to $1.30 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Teekay Offshore Partners.

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Teekay Offshore Partners (NYSE:TOO) last released its earnings results on Thursday, February 22nd. The shipping company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.09). The firm had revenue of $295.70 million during the quarter, compared to analysts’ expectations of $279.56 million. Teekay Offshore Partners had a negative net margin of 28.37% and a positive return on equity of 3.87%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 EPS.

A number of research analysts have issued reports on TOO shares. Morgan Stanley upgraded Teekay Offshore Partners from an “underweight” rating to an “equal weight” rating and set a $3.00 price objective for the company in a research note on Monday, February 12th. ValuEngine upgraded Teekay Offshore Partners from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Zacks Investment Research upgraded Teekay Offshore Partners from a “sell” rating to a “hold” rating in a research note on Thursday, January 11th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Teekay Offshore Partners presently has a consensus rating of “Hold” and a consensus target price of $3.19.

A number of large investors have recently made changes to their positions in TOO. Raymond James Financial Services Advisors Inc. raised its stake in shares of Teekay Offshore Partners by 16.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 368,728 shares of the shipping company’s stock worth $878,000 after purchasing an additional 51,385 shares during the last quarter. Arrow Investment Advisors LLC raised its stake in shares of Teekay Offshore Partners by 141.5% in the third quarter. Arrow Investment Advisors LLC now owns 339,180 shares of the shipping company’s stock worth $807,000 after purchasing an additional 198,728 shares during the last quarter. Evergreen Capital Management LLC raised its stake in shares of Teekay Offshore Partners by 44.1% in the third quarter. Evergreen Capital Management LLC now owns 1,442,062 shares of the shipping company’s stock worth $3,432,000 after purchasing an additional 441,130 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of Teekay Offshore Partners in the third quarter worth $3,016,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Teekay Offshore Partners in the third quarter worth $118,000. Institutional investors and hedge funds own 77.87% of the company’s stock.

TOO stock opened at $2.42 on Wednesday. The company has a market capitalization of $1,041.52, a P/E ratio of -1.26, a PEG ratio of 2.73 and a beta of 2.58. The company has a debt-to-equity ratio of 2.10, a current ratio of 0.49 and a quick ratio of 0.54. Teekay Offshore Partners has a one year low of $1.65 and a one year high of $5.72.

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Teekay Offshore Partners 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.

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