KNOT Offshore Partners (NYSE:KNOP) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• KNOT Offshore Partners reported quarterly EPS of $0.10, beating analysts’ consensus estimate of $0.06 by $0.04. The company posted a 4.92% net margin and 6.36% return on equity.
• Shares fell 0.9% to $11.19 following the results, while the company’s market capitalization stood at approximately $376.7 million.
• KNOT Offshore Partners increased its quarterly dividend from $0.05 to $0.075 per share, equivalent to an annualized dividend of $0.30 and a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with a $14.00 average price target.

KNOT Offshore Partners (NYSE:KNOP - Get Free Report) released its earnings results on Thursday. The shipping company reported $0.10 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.04, Zacks reports. KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%.

KNOT Offshore Partners Stock Down 0.9%

KNOP stock traded down $0.10 on Thursday, reaching $11.19. 37,039 shares of the company traded hands, compared to its average volume of 93,547. The firm has a fifty day simple moving average of $10.53 and a 200-day simple moving average of $10.52. The company has a market cap of $376.66 million, a P/E ratio of 20.72 and a beta of -0.05. KNOT Offshore Partners has a one year low of $7.74 and a one year high of $11.78. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, July 27th were given a dividend of $0.075 per share. This is a boost from KNOT Offshore Partners's previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, July 27th. This represents a $0.30 dividend on an annualized basis and a yield of 2.7%. KNOT Offshore Partners's dividend payout ratio is 55.56%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of KNOT Offshore Partners in a report on Wednesday, July 29th. Zacks Research upgraded shares of KNOT Offshore Partners from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Wall Street Zen downgraded shares of KNOT Offshore Partners from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, KNOT Offshore Partners presently has an average rating of "Moderate Buy" and an average price target of $14.00.

Insider Buying and Selling

In related news, Director Trygve Seglem bought 1,250,000 shares of the company's stock in a transaction on Monday, June 15th. The shares were acquired at an average cost of $20.00 per share, with a total value of $25,000,000.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Hedge Funds Weigh In On KNOT Offshore Partners

Several institutional investors and hedge funds have recently modified their holdings of KNOP. Millennium Management LLC boosted its stake in KNOT Offshore Partners by 56.5% in the 4th quarter. Millennium Management LLC now owns 145,483 shares of the shipping company's stock worth $1,506,000 after purchasing an additional 52,538 shares in the last quarter. Trexquant Investment LP bought a new stake in KNOT Offshore Partners during the 4th quarter valued at about $520,000. Renaissance Technologies LLC increased its stake in KNOT Offshore Partners by 2.7% during the 4th quarter. Renaissance Technologies LLC now owns 1,227,035 shares of the shipping company's stock valued at $12,700,000 after purchasing an additional 32,369 shares in the last quarter. Jane Street Group LLC purchased a new position in KNOT Offshore Partners in the fourth quarter worth about $313,000. Finally, XTX Topco Ltd purchased a new position in KNOT Offshore Partners in the fourth quarter worth about $277,000. 26.82% of the stock is currently owned by institutional investors.

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.

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