After Forming Descending Triangle Chart Pattern, Is Teekay Offshore Partners L.P. (TOO)’s Near-Term Analysis Positive?

December 8, 2017 - By Louis Casey

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.
Global X Management Communications Limited Liability accumulated 38,151 shares. Evercore Wealth Mgmt Limited Liability Co has 5,500 shares for 0% of their portfolio. Barnett Incorporated, a Tennessee-based fund reported 1,600 shares. Rhode Island-based Endurance Wealth Mngmt has invested 0.01% in Teekay Offshore Partners L.P. (NYSE:TOO). Corp reported 1,200 shares. Deutsche State Bank Ag has 77,125 shares for 0% of their portfolio. Morgan Stanley stated it has 0% of its portfolio in Teekay Offshore Partners L.P. (NYSE:TOO). Brookfield Asset Mgmt Inc invested in 0% or 175,207 shares. Massachusetts-based Fmr Ltd Co has invested 0.01% in Teekay Offshore Partners L.P. (NYSE:TOO). Exane Derivatives invested in 0% or 12 shares. Benjamin F Edwards holds 0% of its portfolio in Teekay Offshore Partners L.P. (NYSE:TOO) for 3,609 shares. Barclays Public Ltd Co holds 30,641 shares or 0% of its portfolio. Brown Brothers Harriman reported 2,500 shares or 0% of all its holdings. Ballentine Limited Company reported 0.02% in Teekay Offshore Partners L.P. (NYSE:TOO). Goldman Sachs Group has 69,994 shares for 0% of their portfolio.

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 earnings per share, up 733.33 % or $0.22 from last year’s $-0.03 per share. TOO’s profit will be $80.00 million for 2.93 P/E if the $0.19 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 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. As per Thursday, August 13, the company rating was maintained by RBC Capital Markets. The rating was downgraded by Raymond James to “Market Perform” on Friday, July 28. On Thursday, December 17 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. On Friday, August 7 the stock rating was downgraded by Citigroup to “Neutral”. The firm has “Underperform” rating given on Thursday, December 17 by Bank of America. On Tuesday, April 19 the stock rating was initiated by Morgan Stanley with “Equal-Weight”. The firm has “Outperform” rating given on Thursday, September 14 by Wells Fargo. RBC Capital Markets upgraded it to “Outperform” rating and $8 target in Thursday, August 18 report. As per Tuesday, August 4, the company rating was upgraded by Global Hunter Securities. The firm has “Buy” rating by UBS given on Wednesday, November 15.

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