Teekay Offshore Partners
Teekay Offshore Partners (TOO) was the only MLP to see a rating update last week. In the week before, Calumet Specialty Products Partners (CLMT), ONEOK (OKE), Hi-Crush Partners (HCLP), and Rice Midstream Partners (RMP) were among the MLPs that saw rating changes. For details, see MLP Rating Updates for the Week Ended September 8.
TOO is an MLP mainly involved in the marine transportation of energy commodities including crude oil, NGLs (natural gas liquids), and refined products. It got an upgrade at Wells Fargo. Wells Fargo raised TOO from “market perform” to “outperform,” which is equivalent to “buy.” It also revised TOO’s target price to $4 from $3.5. Overall, TOO has seen three rating updates in 2017 to date, including two downgrades and one upgrade. Now, 60.0% of analysts’ surveyed by Reuters rate TOO a “buy,” 20.0% rate it as “hold,” and the remaining 20.0% rate it as “sell.” TOO’s average target price of $3.0 implies a 14% upside potential from its current price levels.
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