KNOT Offshore Partners (NYSE:KNOP) Rating Increased to Hold at Zacks Research

KNOT Offshore Partners (NYSE:KNOP) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

KNOP has been the subject of a number of other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a research note on Wednesday, July 29th. Fearnley Fonds raised KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.00.

KNOT Offshore Partners Trading Down 0.7%

Shares of KNOP stock opened at $10.43 on Tuesday. KNOT Offshore Partners has a 1-year low of $6.90 and a 1-year high of $11.78. The company has a current ratio of 0.25, a quick ratio of 0.24 and a debt-to-equity ratio of 0.93. The stock has a market cap of $350.91 million, a price-to-earnings ratio of 19.31 and a beta of -0.05. The stock has a 50-day moving average of $10.49 and a 200-day moving average of $10.50.

KNOT Offshore Partners (NYSE:KNOP) last announced 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 net margin of 4.92% and a return on equity of 6.36%. The company had revenue of $92.01 million during the quarter, compared to the consensus estimate of $90.35 million. On average, equities research analysts forecast that KNOT Offshore Partners will post 0.09 earnings per share for the current year.

Insider Activity at KNOT Offshore Partners

In other news, Director Trygve Seglem bought 1,250,000 shares of KNOT Offshore Partners stock in a transaction dated Monday, June 15th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $25,000,000.00. Following the purchase, the director directly owned 1,458,333 shares in the company, valued at approximately $29,166,660. This represents a 600.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Investors Weigh In On KNOT Offshore Partners

A number of hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada acquired a new position in shares of KNOT Offshore Partners during the first quarter worth approximately $25,000. Russell Investments Group Ltd. increased its stake 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 valued at $58,000 after purchasing an additional 4,836 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in KNOT Offshore Partners during the second quarter worth $68,000. Osaic Holdings Inc. raised its holdings in KNOT Offshore Partners by 220.3% during the second 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 during the last quarter. Finally, Cetera Investment Advisers bought a new position in shares of KNOT Offshore Partners in the fourth quarter valued at $125,000. Institutional investors and hedge funds own 26.82% of the company’s stock.

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.