Does This Provide a Reason to Buy Teekay Offshore Partners L.P. (TOO)? The Stock Has Formed Bullish Descending Triangle Chart Pattern

January 23, 2018 - By Darrin Black

Investors sentiment increased to 0.9 in 2017 Q3. Its up 0.21, from 0.69 in 2017Q2. It increased, as 9 investors sold Teekay Offshore Partners L.P. shares while 21 reduced holdings. 14 funds opened positions while 13 raised stakes. 71.14 million shares or 4.21% less from 74.27 million shares in 2017Q2 were reported.
175,207 are owned by Brookfield Asset Mgmt. Susquehanna Intl Gp Ltd Liability Partnership holds 0% or 605,584 shares in its portfolio. Benjamin F Edwards And reported 2,904 shares. The Ontario – Canada-based Ci Invests Incorporated has invested 0.12% in Teekay Offshore Partners L.P. (NYSE:TOO). New York-based Tower Research Cap Ltd Company (Trc) has invested 0% in Teekay Offshore Partners L.P. (NYSE:TOO). Weiss Multi accumulated 1.34 million shares or 0.12% of the stock. Natixis accumulated 25,000 shares. Obermeyer Wood Inv Counsel Lllp holds 10,964 shares or 0% of its portfolio. Virtu Fincl reported 75,854 shares. Exane Derivatives stated it has 0% in Teekay Offshore Partners L.P. (NYSE:TOO). Ameritas Investment Partners has invested 0% of its portfolio in Teekay Offshore Partners L.P. (NYSE:TOO). Morgan Stanley holds 0% or 206,682 shares. Citadel Limited Liability holds 55,945 shares. Thrivent Fincl For Lutherans stated it has 455 shares. Key Hldgs (Cayman) Ltd owns 988,521 shares.

The stock of Teekay Offshore Partners L.P. (TOO) formed a descending triangle with $3.09 target or 7.00 % above today’s $2.89 share price. The 5 months triangle pattern indicates low risk for the $1.22B company. If the $3.09 price target is reached, the company will be worth $85.05M 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 decreased 0.52% or $0.015 during the last trading session, reaching $2.885. About 113,965 shares traded. Teekay Offshore Partners L.P. (NYSE:TOO) has declined 43.83% since January 23, 2017 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 $0.10 earnings per share, up 433.33 % or $0.13 from last year’s $-0.03 per share. TOO’s profit will be $42.11M for 7.21 P/E if the $0.10 EPS becomes a reality. After $0.02 actual earnings per share reported by Teekay Offshore Partners L.P. for the previous quarter, Wall Street now forecasts 400.00 % 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 firm earned “Sector Perform” rating on Thursday, August 13 by RBC Capital Markets. The stock of Teekay Offshore Partners L.P. (NYSE:TOO) has “Underperform” rating given on Thursday, December 17 by Bank of America. The company was upgraded on Wednesday, July 26 by Citigroup. Morgan Stanley initiated the shares of TOO in report on Tuesday, April 19 with “Equal-Weight” rating. The rating was downgraded by Citigroup on Friday, August 7 to “Neutral”. On Thursday, August 18 the stock rating was upgraded by RBC Capital Markets to “Outperform”. The firm earned “Neutral” rating on Thursday, December 17 by Seaport Global Securities. As per Friday, July 28, the company rating was downgraded by Raymond James. As per Monday, June 20, the company rating was maintained by UBS. The stock of Teekay Offshore Partners L.P. (NYSE:TOO) has “Buy” rating given on Wednesday, November 15 by UBS.

More important recent Teekay Offshore Partners L.P. (NYSE:TOO) news were published by: Nasdaq.com which released: “Teekay Offshore Partners Announces Pricing of Series E Preferred Units” on January 16, 2018, also Seekingalpha.com published article titled: “Teekay Offshore: Cash Flow Tidalwave Ahead”, Streetinsider.com published: “Teekay Offshore Partners (TOO) Reports Public Offering of Series E Preferred Units” on January 16, 2018. More interesting news about Teekay Offshore Partners L.P. (NYSE:TOO) was released by: Seekingalpha.com and their article: “Teekay Offshore – Uncertainty Creates The Opportunity” with publication date: January 02, 2018.

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