Knife River (NYSE:KNF) Shares Gap Down - Here's What Happened

Key Points

• Knife River shares gapped down at the open from $88.64 to $84.98 and last traded around $84.95 on light volume (4,657 shares).
• Wall Street sentiment is broadly positive with a consensus rating of “Moderate Buy”, six Buys, average price target of $97.29 and several firms raising targets (some to $105).
• The company beat quarterly estimates (EPS $0.56 vs $0.41, revenue $755.1M vs $726.6M), reported 14.9% YoY revenue growth and analysts expect about $4.11 EPS for the year.

Knife River Corporation (NYSE:KNF - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $88.64, but opened at $84.98. Knife River shares last traded at $84.9490, with a volume of 4,657 shares traded.

Wall Street Analysts Forecast Growth

KNF has been the subject of a number of research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Knife River in a research report on Thursday, January 22nd. DA Davidson increased their target price on shares of Knife River from $95.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, February 18th. JPMorgan Chase & Co. increased their target price on shares of Knife River from $83.00 to $90.00 and gave the stock a "neutral" rating in a research report on Thursday, March 5th. Zacks Research upgraded shares of Knife River from a "strong sell" rating to a "hold" rating in a research report on Monday, January 5th. Finally, Stephens increased their target price on shares of Knife River from $86.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $97.29.

Knife River Price Performance

The business's 50-day moving average price is $83.18 and its 200 day moving average price is $75.76. The company has a quick ratio of 1.39, a current ratio of 2.54 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $4.81 billion, a P/E ratio of 30.71, a price-to-earnings-growth ratio of 2.00 and a beta of 0.41.

Knife River (NYSE:KNF - Get Free Report) last announced its earnings results on Tuesday, February 17th. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.15. The business had revenue of $755.06 million for the quarter, compared to the consensus estimate of $726.60 million. Knife River had a net margin of 4.99% and a return on equity of 10.27%. Knife River's quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the firm posted $0.41 earnings per share. Analysts anticipate that Knife River Corporation will post 4.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Knife River

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its stake in Knife River by 141.8% in the third quarter. Hantz Financial Services Inc. now owns 341 shares of the company's stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. McMillan Office Inc. purchased a new stake in Knife River in the fourth quarter valued at approximately $36,000. Caitong International Asset Management Co. Ltd raised its stake in Knife River by 1,088.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 594 shares of the company's stock valued at $42,000 after purchasing an additional 544 shares in the last quarter. Quent Capital LLC purchased a new stake in Knife River in the third quarter valued at approximately $47,000. Finally, GAMMA Investing LLC raised its stake in Knife River by 34.8% in the fourth quarter. GAMMA Investing LLC now owns 685 shares of the company's stock valued at $48,000 after purchasing an additional 177 shares in the last quarter. 80.11% of the stock is owned by hedge funds and other institutional investors.

About Knife River

Knife River Corporation, headquartered in Bismarck, North Dakota, is a leading integrated construction materials and contracting company in the western United States. The company specializes in producing and supplying aggregates, asphalt mix, ready-mixed concrete and other heavy construction materials used in highway, commercial and residential projects.

In addition to material production, Knife River offers a comprehensive suite of contracting services, including heavy civil construction, road building, underground and open-pit mining and logistics support.

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