What’s Next for Teekay Offshore Partners L.P. (TOO) After Forming Descending Triangle Chart Pattern?

December 8, 2017 - By reb123z

Investors sentiment decreased to 0.69 in 2017 Q2. Its down 0.59, from 1.28 in 2017Q1. It dived, 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.
Guggenheim Cap Limited Liability Company reported 0.01% of its portfolio in Teekay Offshore Partners L.P. (NYSE:TOO). Goldman Sachs Grp Inc Inc has 0% invested in Teekay Offshore Partners L.P. (NYSE:TOO). Credit Suisse Ag has invested 0% of its portfolio in Teekay Offshore Partners L.P. (NYSE:TOO). Moreover, National Bank Of Montreal Can has 0% invested in Teekay Offshore Partners L.P. (NYSE:TOO) for 1,600 shares. Barclays Pcl reported 30,641 shares. Deutsche Bank Ag holds 77,125 shares or 0% of its portfolio. Peak6 Invests Limited Partnership has 27,616 shares for 0% of their portfolio. 73,100 were reported by California Pub Employees Retirement Systems. Luminus Ltd Liability Company holds 3.62 million shares or 0.22% of its portfolio. Barnett And Company reported 0% stake. Benchmark Capital Advsr accumulated 0.19% or 83,500 shares. Citadel Ltd Llc has 11,393 shares. New York-based Morgan Stanley has invested 0% in Teekay Offshore Partners L.P. (NYSE:TOO). Fmr Ltd Liability has 14.75 million shares. Homrich Berg, a Georgia-based fund reported 26,800 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 rating was initiated by Morgan Stanley on Tuesday, April 19 with “Equal-Weight”. As per Thursday, December 17, the company rating was downgraded by Seaport Global Securities. UBS maintained the shares of TOO in report on Monday, June 20 with “Buy” rating. The company was upgraded on Tuesday, August 4 by Global Hunter Securities. The stock has “Underperform” rating by Bank of America on Thursday, December 17. The company was upgraded on Thursday, August 18 by RBC Capital Markets. The stock of Teekay Offshore Partners L.P. (NYSE:TOO) earned “Sector Perform” rating by RBC Capital Markets on Thursday, August 13. The company was downgraded on Friday, July 28 by Raymond James. RBC Capital Markets maintained it with “Sector Perform” rating and $11 target in Thursday, December 17 report. Citigroup upgraded the shares of TOO in report on Wednesday, July 26 to “Buy” rating.

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

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