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.
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.
TRADEMARK VIOLATION WARNING: This story was originally reported by Macon Daily and is the property of of Macon Daily. If you are viewing this story on another domain, it was illegally copied and republished in violation of United States and international copyright & trademark law. The legal version of this story can be accessed at https://macondaily.com/2018/04/12/teekay-offshore-partners-l-p-too-expected-to-post-quarterly-sales-of-267-37-million-updated-updated-updated.html.
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.
Get a free copy of the Zacks research report on Teekay Offshore Partners (TOO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Teekay Offshore Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teekay Offshore Partners and related companies with MarketBeat.com's FREE daily email newsletter.