Renaissance Technologies LLC Increases Stock Position in KNOT Offshore Partners LP $KNOP

Renaissance Technologies LLC raised its stake in shares of KNOT Offshore Partners LP (NYSE:KNOP) by 8.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,335,435 shares of the shipping company’s stock after acquiring an additional 108,400 shares during the period. Renaissance Technologies LLC owned approximately 3.97% of KNOT Offshore Partners worth $13,461,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in KNOP. Russell Investments Group Ltd. lifted 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 acquiring an additional 4,836 shares during the last quarter. Occudo Quantitative Strategies LP purchased a new position in shares of KNOT Offshore Partners during the 2nd quarter worth approximately $68,000. Osaic Holdings Inc. increased its holdings in KNOT Offshore Partners by 220.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock valued at $104,000 after purchasing an additional 11,388 shares during the last quarter. Cetera Investment Advisers acquired a new stake in KNOT Offshore Partners in the 4th quarter valued at approximately $125,000. Finally, Acadian Asset Management LLC acquired a new stake in KNOT Offshore Partners in the 1st quarter valued at approximately $130,000. 26.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KNOP. Zacks Research cut KNOT Offshore Partners from a “hold” rating to a “strong sell” rating in a research note on Monday, July 6th. Fearnley Fonds raised KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of KNOT Offshore Partners in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $14.00.

Insider Buying and Selling at KNOT Offshore Partners

In related news, Director Trygve Seglem acquired 1,250,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were acquired at an average price of $20.00 per share, with a total value of $25,000,000.00. Following the completion of the transaction, the director owned 1,458,333 shares of the company’s stock, valued at $29,166,660. The trade was a 600.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

KNOT Offshore Partners Stock Up 4.2%

Shares of KNOP opened at $10.81 on Friday. The company’s 50-day simple moving average is $10.54 and its 200-day simple moving average is $10.50. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.24 and a current ratio of 0.25. KNOT Offshore Partners LP has a 1 year low of $6.76 and a 1 year high of $11.78. The stock has a market capitalization of $363.76 million, a PE ratio of 20.01 and a beta of -0.05.

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

KNOT Offshore Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, July 27th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 2.8%. This is a positive change from KNOT Offshore Partners’s previous quarterly dividend of $0.05. The ex-dividend date is Monday, July 27th. KNOT Offshore Partners’s payout ratio is presently 55.56%.

About KNOT Offshore Partners

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.