KNOT Offshore Partners (NYSE:KNOP) Announces Earnings Results

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

KNOT Offshore Partners Price Performance

KNOP traded up $0.15 on Thursday, hitting $11.21. 79,259 shares of the company’s stock traded hands, compared to its average volume of 112,008. The company’s 50 day simple moving average is $10.51 and its 200-day simple moving average is $10.42. The firm has a market cap of $377.29 million, a price-to-earnings ratio of 16.48 and a beta of -0.07. KNOT Offshore Partners has a one year low of $6.16 and a one year high of $11.78. The company has a current ratio of 0.26, a quick ratio of 0.25 and a debt-to-equity ratio of 1.07.

KNOT Offshore Partners Increases Dividend

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

Hedge Funds Weigh In On KNOT Offshore Partners

Institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its holdings in shares of KNOT Offshore Partners by 115.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock worth $58,000 after purchasing an additional 4,836 shares during the period. Occudo Quantitative Strategies LP purchased a new position in shares of KNOT Offshore Partners in the 2nd quarter worth approximately $68,000. Osaic Holdings Inc. boosted its holdings in shares of KNOT Offshore Partners by 220.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock worth $104,000 after purchasing an additional 11,388 shares during the period. Cetera Investment Advisers purchased a new position in shares of KNOT Offshore Partners in the 4th quarter worth approximately $125,000. Finally, Virtu Financial LLC purchased a new position in shares of KNOT Offshore Partners in the 4th quarter worth approximately $138,000. Hedge funds and other institutional investors own 26.82% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on KNOP. Weiss Ratings downgraded KNOT Offshore Partners from a “buy (b-)” rating to a “hold (c)” rating in a report on Friday, May 1st. Wall Street Zen downgraded KNOT Offshore Partners from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Fearnley Fonds raised KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a report on Friday, April 10th. B. Riley Financial raised KNOT Offshore Partners from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Friday, March 20th. Finally, Zacks Research downgraded 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 issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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.