KNOT Offshore Partners (NYSE:KNOP) Director Trygve Seglem Purchases 2,083,333 Shares of Company Stock

KNOT Offshore Partners LP (NYSE:KNOP) Director Trygve Seglem purchased 2,083,333 shares of the business’s stock in a transaction on Tuesday, November 3rd. The shares were bought at an average cost of $20.88 per share, for a total transaction of $43,499,993.04. Following the completion of the transaction, the director directly owned 3,541,666 shares in the company, valued at $73,949,986.08. This trade represents a 142.86% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link.

KNOT Offshore Partners Price Performance

NYSE:KNOP opened at $8.75 on Thursday. KNOT Offshore Partners LP has a 12 month low of $8.06 and a 12 month high of $11.78. The firm has a market cap of $294.49 million, a P/E ratio of 19.88 and a beta of -0.01. The stock has a 50 day moving average of $10.46 and a two-hundred day moving average of $10.50. The company has a current ratio of 0.34, a quick ratio of 0.33 and a debt-to-equity ratio of 1.10.

KNOT Offshore Partners (NYSE:KNOP) last issued its quarterly earnings data on Friday, August 14th. The shipping company reported $0.05 earnings per share for the quarter. The company had revenue of $96.78 million during the quarter. KNOT Offshore Partners had a return on equity of 5.73% and a net margin of 3.90%. On average, analysts expect that KNOT Offshore Partners LP will post 0.22 earnings per share for the current fiscal year.

KNOT Offshore Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 12th. Investors of record on Monday, October 26th will be issued a dividend of $0.10 per share. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.0750. This represents a $0.40 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, October 26th. KNOT Offshore Partners’s dividend payout ratio is currently 90.91%.

Analysts Set New Price Targets

A number of brokerages have recently commented on KNOP. Wall Street Zen raised KNOT Offshore Partners from a “sell” rating to a “hold” rating in a research report on Sunday, September 6th. Zacks Research raised KNOT Offshore Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Hedge Funds Weigh In On KNOT Offshore Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNOP. American Beacon Advisors Inc. increased its holdings in KNOT Offshore Partners by 71.8% in the second quarter. American Beacon Advisors Inc. now owns 865,554 shares of the shipping company’s stock worth $8,638,000 after buying an additional 361,659 shares during the last quarter. Renaissance Technologies LLC boosted 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 worth $13,461,000 after buying an additional 108,400 shares during the period. Janney Montgomery Scott LLC bought a new position in KNOT Offshore Partners in the 1st quarter worth $643,000. Walleye Capital LLC bought a new position in KNOT Offshore Partners in the 1st quarter worth $259,000. Finally, Royal Bank of Canada bought a new position in KNOT Offshore Partners in the 1st quarter worth $25,000. Institutional investors and hedge funds own 26.82% of the company’s stock.

KNOT Offshore Partners Company Profile

KNOT Offshore Partners LP (NYSE: KNOP) is a publicly traded limited partnership that owns and operates shuttle tankers. These specialized vessels transport crude oil from offshore production facilities and loading terminals to onshore refineries, storage facilities and other destinations.

The partnership’s vessels are generally employed under long-term or medium-term charter contracts with major oil and gas companies. Shuttle tankers are equipped with systems designed for offshore loading and unloading, including dynamic positioning and specialized bow-loading technology, enabling them to operate in demanding offshore environments.

KNOT Offshore Partners was formed by its sponsor, KNOT Offshore Partners AS, which is part of the KNOT group, a maritime organization associated with Knutsen OAS Shipping and Nippon Yusen Kabushiki Kaisha.