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TOO

Teekay Offshore Partners

$2.64

0.08 (3.13%)

, TK

Teekay Corp.

$9.21

0.4 (4.54%)

10:37
09/25/17
09/25
10:37
09/25/17
10:37

Teekay, Brookfield announce closing of strategic transaction

Teekay Corporation (TK) and Teekay Offshore Partners L.P. (TOO) announced that they have completed their previously announced comprehensive transaction with Brookfield Business Partners L.P. (BBU), together with its institutional partners. "With this comprehensive transaction now completed, Teekay looks forward to working with Brookfield as co-sponsors of Teekay Offshore to support the Partnership's continued growth," commented Kenneth Hvid, Teekay's President and CEO. "This transaction has significantly strengthened Teekay Offshore's capital structure and together with management and the Board of Directors, we are now in a position to focus on developing the next phase of the Partnership's strategy." Teekay Offshore also announced today the following changes to the Board of Directors of Teekay Offshore GP LLC, the general partner of the Partnership: C. Sean Day and Carl Mikael L.L. von Mentzer have retired from their positions as directors, effective September 25, 2017, after serving 11 years on the TOO GP Board. Concurrently with the closing of the transaction, the following four individuals nominated by Brookfield were elected to the TOO GP Board: David Levenson, Jim Reid, Walter Weathers and Bradley Weismiller.

TOO

Teekay Offshore Partners

$2.64

0.08 (3.13%)

TK

Teekay Corp.

$9.21

0.4 (4.54%)

BBU

Brookfield Business Partners

$29.98

0.01 (0.03%)

TOO Teekay Offshore Partners
$2.64

0.08 (3.13%)

09/14/17
WELS
09/14/17
UPGRADE
Target $4
WELS
Outperform
Teekay Offshore Partners upgraded to Outperform with $4 target at Wells Fargo
Wells Fargo analyst Michael Webber upgraded Teekay Offshore Partners (TOO) to Outperform from Market Perform saying he sees better relative value in the stock and Teekay LNG (TGP) relative to Teekay Corp. (TK) and Teekay Tankers (TNK) heading into the fall. The analyst raised his price target for Teekay Offshore Partners to $4 from $3.50.
09/14/17
WELS
09/14/17
UPGRADE
WELS
Outperform
Teekay Offshore upgraded to Outperform from Market Perform at Wells Fargo
08/07/17
UBSW
08/07/17
NO CHANGE
Target $3
UBSW
Buy
Teekay Offshore Partners price target lowered to $3 from $6 at UBS
UBS analyst Spiro Dounis lowered his price target on Teekay Offshore Partners to $3 from $6 following its unit offering. The analyst said it removed a liquidity overhang but said he sees a potential 50-60% dilution from any potential future distribution. Dounis maintained his Buy rating on Teekay Offshore Partners shares.
07/28/17
RAJA
07/28/17
DOWNGRADE
RAJA
Market Perform
Teekay Offshore Partners downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Benjamin Brownlow downgraded Teekay Offshore Partners to Mrket Perform following the distribution reduction, $640M equity issuance, and debt financing transactions. The analyst said the moves will improve leverage and support long-term growth capacity but thinks cash flow is prioritized to support capex growth and improve the balance sheet while a restoration of distribution is unlikely until 2019.
TK Teekay Corp.
$9.21

0.4 (4.54%)

06/09/17
MSCO
06/09/17
DOWNGRADE
Target $3
MSCO
Underweight
Teekay Corp. downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Teekay Corp. (TK) to Underweight from Equal Weight and lowered its price target to $3 from $8. Analyst Fotis Giannakoulis said the Teekay group continues to have liquidity erosion and due to continued weakness in the oil and offshore market, combined with a cyclical downturn in shipping of crude and sees risk from parent Teekay Offshore's (TOO) ability to meet its cash flow obligations.
06/09/17
MSCO
06/09/17
DOWNGRADE
MSCO
Underweight
Teekay Corp. downgraded to Underweight from Equal Weight at Morgan Stanley
BBU Brookfield Business Partners
$29.98

0.01 (0.03%)

11/16/16
FBCO
11/16/16
INITIATION
Target $29
FBCO
Outperform
Brookfield Business Partners initiated with an Outperform at Credit Suisse
Credit Suisse analyst Nick Stogdill initiated Brookfield Business Partners with an Outperform and a $29 price target.

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ASOS

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