Is Teekay Offshore Partners L.P.’s Fuel Running Low? The Stock Reaches 52-Week Low Today

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The stock of Teekay Offshore Partners L.P. (NYSE:TOO) hit a new 52-week low and has $8.52 target or 9.00% below today’s $9.36 share price. The 5 months bearish chart indicates high risk for the $1.09 billion company. The 1-year low was reported on Dec, 12 by If the $8.52 price target is reached, the company will be worth $98.10M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. The stock decreased 7.69% or $0.78 on December 11, hitting $9.36. About 619,399 shares traded hands or 47.41% up from the average. Teekay Offshore Partners L.P. (NYSE:TOO) has declined 57.30% since May 11, 2015 and is downtrending. It has underperformed by 52.88% the S&P500.

Out of 7 analysts covering Teekay Offshore (NYSE:TOO), 3 rate it “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. Teekay Offshore was the topic in 3 analyst reports since August 4, 2015 according to StockzIntelligence Inc.

According to Zacks Investment Research, “TEEKAY OFFSHORE PARTNERS L.P. is a publicly-traded master limited partnership formed by Teekay and is an international provider of marine transportation and storage services to the offshore oil industry. Teekay Offshore currently owns a twenty six percent interest in and controls OPCO with a fleet of thirty four shuttle tankers (nine of which are chartered-in), four floating storage and offtake units and nine conventional crude oil Aframax tankers. The Partnership also has direct ownership interests in two shuttle tankers and one FSO.” Get a free copy of the Zacks research report on Teekay Offshore Partners L.P. (TOO).

The institutional sentiment increased to 1.13 in 2015 Q3. Its up 0.05, from 1.08 in 2015Q2. The ratio improved, as 10 funds sold all Teekay Offshore Partners L.P. shares owned while 29 reduced positions. 15 funds bought stakes while 29 increased positions. They now own 54.47 million shares or 9.73% more from 49.64 million shares in 2015Q2.

Berson & Corrado Investment Advisors Llc holds 2.25% of its portfolio in Teekay Offshore Partners L.P. for 276,028 shares. Evergreen Capital Management Llc owns 470,082 shares or 1.76% of their US portfolio. Moreover, Advisory Research Inc has 1.39% invested in the company for 6.79 million shares. The Utah-based Ronna Sue Cohen has invested 1.16% in the stock. Avenir Corp, a -based fund reported 897,464 shares.

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