RBC Capital Releases a Buy Rating on Teekay Offshore Partners LP

By Austin Angelo

In a report released yesterday, Elvira Scotto from RBC Capital reiterated a Buy rating on Teekay Offshore Partners LP (NYSE: TOO), with a price target of $8. The company’s shares closed yesterday at $5.

According to TipRanks.com, Scotto is a top 25 analyst with an average return of 24.6% and a 75.3% success rate. Scotto covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Sanchez Production Partners, and Enbridge Energy Management.

Teekay Offshore Partners LP has an analyst consensus of Moderate Buy, with a price target consensus of $8.

The company has a one year high of $7.25 and a one year low of $4.06. Currently, Teekay Offshore Partners LP has an average volume of 773.9K.

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Teekay Offshore Partners LP provides marine transportation, oil production and storage services to the offshore oil industry. It owns interests in shuttle tankers, floating production, storage and offloading units, floating storage and offtake units and conventional oil tankers. The company operates through four segments: Shuttle Tanker, Floating Production, Storage and Offloading, Conventional Tanker, and Floating Storage and Offtake. The Shuttle Tanker segment consists of shuttle tankers operating primarily on fixed-rate contracts of affreightment, time-charter contracts or bareboat charter contracts. The Floating Production, Storage and Offloading segment consists of its FPSO units subject to operations and charter contracts. The Conventional Tanker segment consists of conventional tankers operating on fixed-rate, time-charter contracts or bareboat charter contracts. The Floating Storage and Offtake segment consists of its FSO units subject to fixed-rate, time-charter contracts or bareboat charter contracts. Teekay Offshore GP L.L.C. serves as the general partner of the company. Teekay Offshore Partners was founded on August 31, 2006 and is headquartered in Hamilton, Bermuda.