Citigroup Reiterates Buy Rating, Raises PT on Teekay Offshore Partners

In a report published Wednesday, Citigroup reiterated its Buy rating on Teekay Offshore Partners LP (NYSE: TOO), and slightly raised its price target from $32.50 to $33.00.Citigroup noted, “We maintain our positive stance on TOO after taking into account the partnership's attractive growth pipeline of vessels which, coupled with the partnership's strong liquidity, positions it well to continue to raise distributions. Our revised $33.00 TP is based on TOO raising the distribution by 4.9% to an annual rate of $2.15/unit 12- mos. from now and the units trading at a yield of 6.50%.”Teekay Offshore Partners LP closed on Tuesday at $28.92.