KNOT Offshore Partners (KNOP) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of KNOT Offshore Partners (NYSE:KNOP) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “KNOT Offshore Partners LP is engaged in owning, acquiring and operating shuttle tankers, designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. KNOT Offshore Partners LP is based in Aberdeen, the United Kingdom. “

Separately, ValuEngine cut shares of KNOT Offshore Partners from a hold rating to a sell rating in a report on Friday, November 2nd.

KNOT Offshore Partners stock opened at $19.77 on Wednesday. The firm has a market capitalization of $657.48 million, a PE ratio of 8.75 and a beta of 0.49. KNOT Offshore Partners has a fifty-two week low of $19.15 and a fifty-two week high of $22.75. The company has a current ratio of 0.51, a quick ratio of 0.50 and a debt-to-equity ratio of 1.53.

KNOT Offshore Partners (NYSE:KNOP) last released its quarterly earnings results on Monday, November 26th. The shipping company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.01. The firm had revenue of $70.72 million for the quarter, compared to analysts’ expectations of $70.03 million. KNOT Offshore Partners had a net margin of 34.05% and a return on equity of 14.16%. As a group, sell-side analysts anticipate that KNOT Offshore Partners will post 2.71 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Thursday, November 1st were given a $0.52 dividend. The ex-dividend date was Wednesday, October 31st. This represents a $2.08 annualized dividend and a yield of 10.52%. KNOT Offshore Partners’s dividend payout ratio (DPR) is presently 92.04%.

A number of large investors have recently made changes to their positions in the stock. California Public Employees Retirement System grew its position in KNOT Offshore Partners by 8.1% in the second quarter. California Public Employees Retirement System now owns 39,640 shares of the shipping company’s stock worth $878,000 after acquiring an additional 2,954 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new position in KNOT Offshore Partners in the second quarter worth $200,000. Russell Investments Group Ltd. purchased a new position in KNOT Offshore Partners in the third quarter worth $161,000. Van ECK Associates Corp grew its position in KNOT Offshore Partners by 10.9% in the second quarter. Van ECK Associates Corp now owns 154,349 shares of the shipping company’s stock worth $3,419,000 after acquiring an additional 15,140 shares in the last quarter. Finally, Morgan Stanley grew its position in KNOT Offshore Partners by 5.8% in the third quarter. Morgan Stanley now owns 288,194 shares of the shipping company’s stock worth $6,254,000 after acquiring an additional 15,816 shares in the last quarter. Institutional investors own 40.49% of the company’s stock.

About KNOT Offshore Partners

KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company loading, transportation and storage of their crude oil services under time charters and bareboat charters. As of April 25, 2018, it had a fleet of 16 shuttle tankers. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.

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