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

KNOT Offshore Partners (NYSE:KNOP) announced its quarterly earnings results on Thursday. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22), FiscalAI reports. The business had revenue of $92.01 million during the quarter, compared to the consensus estimate of $90.35 million. KNOT Offshore Partners had a net margin of 4.92% and a return on equity of 6.35%.

KNOT Offshore Partners Stock Down 1.5%

Shares of NYSE:KNOP opened at $11.02 on Friday. KNOT Offshore Partners has a 52 week low of $6.16 and a 52 week high of $11.78. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.25 and a current ratio of 0.26. The company’s fifty day moving average is $10.55 and its 200-day moving average is $10.43. The company has a market capitalization of $370.90 million, a PE ratio of 20.41 and a beta of -0.07.

KNOT Offshore Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, April 27th were paid a $0.05 dividend. The ex-dividend date was Monday, April 27th. This represents a $0.20 annualized dividend and a dividend yield of 1.8%. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.03. KNOT Offshore Partners’s dividend payout ratio is presently 29.41%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in KNOP. Russell Investments Group Ltd. lifted its position in KNOT Offshore Partners by 115.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock worth $58,000 after buying an additional 4,836 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in KNOT Offshore Partners during the 2nd quarter worth about $68,000. Osaic Holdings Inc. lifted its position in KNOT Offshore Partners by 220.3% during the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock worth $104,000 after buying an additional 11,388 shares in the last quarter. Cetera Investment Advisers acquired a new position in KNOT Offshore Partners during the 4th quarter worth about $125,000. Finally, Acadian Asset Management LLC acquired a new position in KNOT Offshore Partners during the 1st quarter worth about $130,000. Institutional investors and hedge funds own 26.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

KNOT Offshore Partners Company Profile

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.