KNOT Offshore Partners (NYSE:KNOP) Releases Quarterly Earnings Results

KNOT Offshore Partners (NYSE:KNOP – Get Free Report) released its quarterly earnings results on Thursday. The shipping company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22), FiscalAI reports. The firm had revenue of $92.01 million for the quarter, compared to analysts’ expectations of $90.35 million. KNOT Offshore Partners had a net margin of 6.38% and a return on equity of 7.30%.

KNOT Offshore Partners Price Performance

KNOP stock traded up $0.15 during trading on Thursday, hitting $11.21. The stock had a trading volume of 79,236 shares, compared to its average volume of 111,781. The company’s 50-day moving average price is $10.51 and its two-hundred day moving average price is $10.42. KNOT Offshore Partners has a twelve month low of $6.16 and a twelve month high of $11.78. The stock has a market capitalization of $377.29 million, a P/E ratio of 16.48 and a beta of -0.07. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.26 and a quick ratio of 0.25.

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KNOT Offshore Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, April 27th were given a dividend of $0.05 per share. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.03. This represents a $0.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, April 27th. KNOT Offshore Partners’s dividend payout ratio (DPR) is currently 29.41%.

Analysts Set New Price Targets

Several brokerages have recently commented on KNOP. B. Riley Financial upgraded KNOT Offshore Partners from a “neutral” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Friday, March 20th. Zacks Research lowered KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. Fearnley Fonds raised KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Wall Street Zen cut shares of KNOT Offshore Partners from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Weiss Ratings cut shares of KNOT Offshore Partners from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Check Out Our Latest Analysis on KNOT Offshore Partners

Institutional Investors Weigh In On KNOT Offshore Partners

A number of hedge funds have recently modified their holdings of KNOP. Acadian Asset Management LLC acquired a new stake in shares of KNOT Offshore Partners in the first quarter valued at about $130,000. Russell Investments Group Ltd. raised its position in shares of KNOT Offshore Partners by 115.0% in the second quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock valued at $58,000 after buying an additional 4,836 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new stake in shares of KNOT Offshore Partners in the second quarter valued at about $68,000. Osaic Holdings Inc. raised its position in shares of KNOT Offshore Partners by 220.3% in the second quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock valued at $104,000 after buying an additional 11,388 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of KNOT Offshore Partners by 2.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,227,035 shares of the shipping company’s stock valued at $12,700,000 after purchasing an additional 32,369 shares during the last quarter. 26.82% of the stock is currently owned by institutional investors and hedge funds.

About KNOT Offshore Partners

(Get Free Report)

KNOT Offshore Partners LP is a publicly traded limited partnership formed in 2013 to own and operate shuttle tankers under long‐term charters in the offshore oil industry. Listed on the New York Stock Exchange under the symbol KNOP, the partnership specializes in the transportation of crude oil from offshore production facilities to onshore refineries. Its fleet comprises moderne shuttle tankers equipped with dynamic positioning systems, enabling safe transfer operations in harsh weather and sea conditions.

The partnership’s vessels primarily serve fields in the North Sea, Brazil and West Africa, where they operate under multi‐year contracts with major energy producers.

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