Teekay Offshore Partners L P (TOO): Alec Litowitz and Ross Laser’s Magnetar Capital Ups Its Stake

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In a new  13G filing with the US Securities and Exchange Commission, Alec Litowitz and Ross Laser‘s Magnetar Capital reported holding 15.6 million common units representing limited partner interests of Teekay Offshore Partners L P (NYSE:TOO), which account for 11.32% of the company’s total amount of common units. This represents a great increase in the stake as the fund previously held 2.63 common units, as per the latest 13F filing for the reporting period of March 31.

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Teekay Offshore Partners L P provides a variety of professional services to the offshore oil industry in Brazil, North Seas, and the East Coast of Canada. Over the past 12 months, the company’s shares have lost 71.51%. For the first quarter of 2016, Teekay Offshore Partners L P reported revenue of $288.4 million, which compares to revenue of $242.5 million for the same period in the year before. Recently, Well Fargo&Co. reiterated its rating on the company’s stock to ‘Neutral’ from ‘Hold’, while Morgan Stanley reiterated its ‘Hold’ rating. 

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The number of hedge funds long Teekay Offshore Partners L P (NYSE:TOO) increased by three during the first quarter and at the end of March, a total of 12 investors from our database were holding positions in the company. Among them, the most valuable position was owned by Magnetar Capital, and the second largest stake was held by Richard Mashaal’s Rima Senvest Management, worth approximately $9 million. Remaining investors with a similar bullishness contain Wayne Cooperman’s Cobalt Capital Management, Jonathan Barrett and Paul Segal’s Luminus Management, and David Tepper’s Appaloosa Management LP.

Investors who initiated new positions in Teekay Offshore Partners L P (NYSE:TOO) include Jonathan Barrett and Paul Segal’s Luminus Management, which invested $4.7 million in the company, Matthew Hulsizer’s PEAK6 Capital Management, which initiated a $0.7 million position, and David Costen Haley’s HBK Investments, which held around $0.17 million worth of stock.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
MTP ENERGY FUND LTD 0 11,099,328 0 11,099,328 11,099,328 8.08%
MTP ENERGY MANAGEMENT 0 15,560,890 0 15,560,890 15,560,890 11.32%
MAGNETAR FINANCIAL 0 15,560,890 0 15,560,890 15,560,890 11.32%
MAGNETAR CAPITAL PARTNERS 0 15,560,890 0 15,560,890 15,560,890 11.32%
UPERNOVA MANAGEMENT 0 15,560,890 0 15,560,890 15,560,890 11.32%
ALEC N. LITOWITZ 0 15,560,890 0 15,560,890 15,560,890 11.32%

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Page 1 of 12 – SEC Filing









Washington, D.C. 20549







Under the Securities Exchange Act of 1934
(Amendment No.     )*



(Name of Issuer)


(Title of Class of Securities)


(CUSIP Number)

JUNE 30, 2016

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:


Rule 13d-1(b)


Rule 13d-1(c)


Rule 13d-1(d)


* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.


The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


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