KNOT Offshore Partners LP (NYSE:KNOP) Receives $14.00 Average PT from Brokerages

Shares of KNOT Offshore Partners LP (NYSE:KNOP) have received an average rating of “Moderate Buy” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $14.00.

Several equities research analysts have issued reports on the stock. Zacks Research upgraded shares of KNOT Offshore Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of KNOT Offshore Partners from a “sell” rating to a “hold” rating in a research report on Sunday, August 16th.

Insiders Place Their Bets

In other news, Director Trygve Seglem purchased 1,250,000 shares of the stock in a transaction on Monday, June 15th. The shares were acquired at an average price of $20.00 per share, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director directly owned 1,458,333 shares of the company’s stock, valued at approximately $29,166,660. This trade represents a 600.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Hedge Funds Weigh In On KNOT Offshore Partners

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its holdings in shares of KNOT Offshore Partners by 8.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,335,435 shares of the shipping company’s stock valued at $13,461,000 after buying an additional 108,400 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in KNOT Offshore Partners in the first quarter worth approximately $643,000. American Beacon Advisors Inc. boosted its stake in KNOT Offshore Partners by 182.6% in the fourth quarter. American Beacon Advisors Inc. now owns 503,895 shares of the shipping company’s stock worth $5,215,000 after buying an additional 325,588 shares in the last quarter. Walleye Capital LLC bought a new position in KNOT Offshore Partners during the first quarter valued at approximately $259,000. Finally, Acadian Asset Management LLC bought a new position in KNOT Offshore Partners during the first quarter valued at approximately $130,000. 26.82% of the stock is currently owned by hedge funds and other institutional investors.

KNOT Offshore Partners Stock Performance

NYSE KNOP opened at $10.67 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.24. KNOT Offshore Partners has a 1 year low of $7.18 and a 1 year high of $11.78. The stock has a market capitalization of $359.15 million, a PE ratio of 19.76 and a beta of -0.05. The company’s 50 day simple moving average is $10.45 and its two-hundred day simple moving average is $10.50.

KNOT Offshore Partners (NYSE:KNOP) last posted its earnings results on Thursday, May 28th. The shipping company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.09). KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%.The business had revenue of $92.01 million for the quarter, compared to analysts’ expectations of $90.35 million. Analysts predict that KNOT Offshore Partners will post 0.09 earnings per share for the current fiscal year.

KNOT Offshore Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, July 27th were paid a $0.075 dividend. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, July 27th. KNOT Offshore Partners’s payout ratio is currently 55.56%.

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.