Traders Are Bullish Teekay Offshore Partners L.P. (TOO) After The Stock Formed Bullish Descending Triangle

December 8, 2017 - By Kurt Siggers

Investors sentiment decreased to 0.69 in 2017 Q2. Its down 0.59, from 1.28 in 2017Q1. It worsened, as 20 investors sold Teekay Offshore Partners L.P. shares while 19 reduced holdings. 7 funds opened positions while 20 raised stakes. 74.27 million shares or 5.35% less from 78.47 million shares in 2017Q1 were reported.
Benchmark Capital Advisors holds 83,500 shares or 0.19% of its portfolio. Morgan Stanley has 465,192 shares for 0% of their portfolio. Van Eck Assoc Corp reported 0.01% in Teekay Offshore Partners L.P. (NYSE:TOO). Wfg Advisors Limited Partnership owns 501 shares or 0% of their US portfolio. Wells Fargo And Company Mn reported 38,585 shares. Evergreen Capital Mgmt Ltd has invested 0.46% in Teekay Offshore Partners L.P. (NYSE:TOO). Gilman Hill Asset Mngmt invested 0.36% of its portfolio in Teekay Offshore Partners L.P. (NYSE:TOO). Alliancebernstein Limited Partnership has 0% invested in Teekay Offshore Partners L.P. (NYSE:TOO) for 13,249 shares. Homrich Berg reported 0.01% in Teekay Offshore Partners L.P. (NYSE:TOO). 544,064 were reported by Raymond James & Associate. 14.75 million were accumulated by Fmr Ltd Liability Corporation. Millennium Ltd Liability holds 0% or 24,781 shares in its portfolio. Enterprise Fin reported 1,200 shares. Park Circle holds 70,000 shares or 0.11% of its portfolio. California Employees Retirement Systems holds 0% in Teekay Offshore Partners L.P. (NYSE:TOO) or 73,100 shares.

The stock of Teekay Offshore Partners L.P. (TOO) formed a descending triangle with $2.34 target or 5.00 % above today’s $2.23 share price. The 7 months triangle pattern indicates low risk for the $938.93M company. If the $2.34 price target is reached, the company will be worth $46.95M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock increased 0.90% or $0.02 during the last trading session, reaching $2.23. About 653,064 shares traded. Teekay Offshore Partners L.P. (NYSE:TOO) has declined 43.83% since December 8, 2016 and is downtrending. It has underperformed by 60.53% the S&P500.

Analysts await Teekay Offshore Partners L.P. (NYSE:TOO) to report earnings on February, 22. They expect $0.19 EPS, up 733.33 % or $0.22 from last year’s $-0.03 per share. TOO’s profit will be $80.00M for 2.93 P/E if the $0.19 EPS becomes a reality. After $0.02 actual EPS reported by Teekay Offshore Partners L.P. for the previous quarter, Wall Street now forecasts 850.00 % EPS growth.

Teekay Offshore Partners L.P. (NYSE:TOO) Ratings Coverage

Among 9 analysts covering Teekay Offshore (NYSE:TOO), 5 have Buy rating, 1 Sell and 3 Hold. Therefore 56% are positive. Teekay Offshore had 16 analyst reports since August 4, 2015 according to SRatingsIntel. The stock of Teekay Offshore Partners L.P. (NYSE:TOO) has “Buy” rating given on Wednesday, July 26 by Citigroup. The company was maintained on Thursday, August 13 by RBC Capital Markets. The firm has “Buy” rating given on Monday, June 20 by UBS. The firm earned “Sector Perform” rating on Thursday, December 17 by RBC Capital Markets. The rating was downgraded by Seaport Global Securities to “Neutral” on Thursday, December 17. The firm has “Underperform” rating by Bank of America given on Thursday, December 17. The stock of Teekay Offshore Partners L.P. (NYSE:TOO) earned “Outperform” rating by RBC Capital Markets on Thursday, August 18. The stock of Teekay Offshore Partners L.P. (NYSE:TOO) has “Accumulate” rating given on Tuesday, August 4 by Global Hunter Securities. The stock has “Neutral” rating by Citigroup on Friday, August 7. As per Thursday, September 14, the company rating was upgraded by Wells Fargo.

More notable recent Teekay Offshore Partners L.P. (NYSE:TOO) news were published by: Streetinsider.com which released: “Teekay Offshore Partners LP (TOO) PT Lowered to $2.75 at UBS” on November 15, 2017, also Nasdaq.com with their article: “Teekay Offshore Partners Places Order for Two Additional Shuttle Tankers” published on November 28, 2017, Seekingalpha.com published: “We Never Knew It Was This Bad At Teekay Offshore” on November 13, 2017. More interesting news about Teekay Offshore Partners L.P. (NYSE:TOO) were released by: Globenewswire.com and their article: “Teekay Offshore Partners Reports Third Quarter 2017 Results” published on November 09, 2017 as well as Seekingalpha.com‘s news article titled: “Teekay Offshore Partners: Be Prepared For Volatility” with publication date: July 08, 2017.

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