Teekay Offshore Partners L.P. (TOO) Is Up, So Why Am I Smiling?

The biggest gainers of the session on the Wall Street include Teekay Offshore Partners L.P. (NYSE:TOO), which rose 0.04 points or 3.37% to trade at $1.23 as last check. The stock closed last session at $1.19 and sets an active trading volume day with a reported 138162 contracts so far this session. TOO shares had a relatively better volume day versus average trading capacity of 414.17 thousand shares, but with a 0.35 billion float and a -7.03% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TOO stock indicates that the average analyst price target is $1.3 per share. This means the stock has a potential increase of 5.69% from where the TOO share price has been trading recently which is between $1.17 and $1.2897. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $1.

The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Heres What Hedge Funds Think About Teekay Offshore Partners L.P. (TOO)” and dated May 09, 2019.

During the recent trading session for Teekay Offshore Partners L.P. (NYSE:TOO), the company witnessed their stock drop by $-0.1 over a week and tumble down $-0.23 from the price 20 days ago. When compared to their established 52-week high of $3.12, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/17/18. The recent low of $1.07 stood for a -60.57% since 03/08/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.34 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Teekay Offshore Partners L.P., the two-week RSI stands at 42.6. This figure suggests that TOO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current TOO readings is similarly very revealing as it has a stochastic reading of 9.73% at this stage. This figure means that TOO share price today is being overbought.

Technical chart claims that Teekay Offshore Partners L.P. (TOO) would settle between $1.26/share to $1.34/share level. However, if the stock price goes below the $1.14 mark, then the market for Teekay Offshore Partners L.P. becomes much weaker. If that happens, the stock price might even plunge as low as $1.1 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.07. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Morgan Stanley lowered their recommendation on shares of TOO from Equal-Weight to Underweight in their opinion released on January 22. Wells Fargo analysts have lowered their rating of Teekay Offshore Partners L.P. (NYSE:TOO) stock from Outperform to Market Perform in a separate flash note issued to investors on January 10. Analysts at Morgan Stanley released an upgrade from Underweight to Equal-Weight for the stock, in a research note that dated back to February 12.

TOO equity has an average rating of 3.5, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 0 analysts rated Teekay Offshore Partners L.P. (NYSE:TOO) as a buy or a strong buy while 1 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, TOO stock price is currently trading at 23.8X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.34 while for the average stock in the same group, the multiple is 2.42.