Teekay Offshore Partners LP (NYSE:TOO) Trading Volume Significantly Higher

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(NYSE:TOO) shares saw heavy trading volume with 2,090K shares changing hands on Monday. Trading volume was up 162.15% over the stocks average daily volume.

Traders are a little more bullish on the company lately if you look at the decrease in short interest. The firm had a fall in short interest from September 29, 2017 to October 13, 2017 of -4.37%. Short shares decreased 126,109 over that period. Days to cover decreased 0.0 to 3.0 and the percentage of shorted shares is 0.02% as of October 13.

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These funds have shifted positions in (TOO). As of quarter end Van Eck Associates Corp had disposed of a total of 57,941 shares trimming its position 7.9%. The value of the company’s investment in Teekay Offshore Partners L.P. went from $2,105,000 to $1,608,000 decreasing 23.6% quarter to quarter. As of the end of the quarter Wells Fargo & Company/mn had sold 1,100 shares trimming its holdings by 40.1%. The value in dollars decreased from $8,000 to $4,000 a change of 50.0% quarter over quarter.

As of quarter end Hite Hedge Asset Management LLC had bought a total of 1,079,488 shares growing its stake by 575.5%. The value of the investment in Teekay Offshore Partners L.P. increased from $951,000 to $3,016,000 a change of $2,065,000 since the last quarter. Alliancebernstein L.P. augmented its holdings by buying 250 shares an increase of 1.9% as of 09/30/2017. Alliancebernstein L.P. controls 13,499 shares with a value of $32,000. The total value of its holdings decreased 15.8%.

July 28 investment analysts at Raymond James Financial kept a “Market Perform” rating on the company.

The company is so far trading down from yesterday’s close of 2.49. The P/E ratio is currently 4.07 and market capitalization is 984.11M. In the last earnings report the EPS was $0.59 with 153.90M shares presently outstanding.

Teekay Offshore Partners L.P., launched on August 30, 2006, 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 focusing on the deep-water offshore oil regions of the 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. The Business’s segments include shuttle tanker segment, FPSO segment, FSO segment, conventional tanker segment, towage segment and UMS segment. The Business’s fleet consists of approximately 30 shuttle tankers, including over three chartered-in vessels and approximately one HiLoad Dynamic Positioning (DP) unit, over six FPSO units, approximately seven FSO units, over six long-distance towing and offshore installation vessels, a UMS and over two conventional oil tankers..

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Source: FPSO