KNOT Offshore Partners LP (NYSE:KNOP) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts’ consensus is “Moderate Buy” for KNOT Offshore Partners, with three holds, one buy and one strong buy; the average 12-month price target is $14.00.
• KNOP reported quarterly EPS of $0.08, below the $0.17 consensus estimate, although revenue of $92.01 million exceeded expectations.
• The partnership increased its quarterly dividend to $0.075 per share, or $0.30 annualized, representing a 2.8% yield and a 55.56% payout ratio.

Shares of KNOT Offshore Partners LP (NYSE:KNOP - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the five brokerages that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $14.00.

KNOP has been the topic of several research reports. Wall Street Zen cut shares of KNOT Offshore Partners from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings restated a "hold (c)" rating on shares of KNOT Offshore Partners in a research note on Wednesday, July 29th. Finally, Zacks Research raised KNOT Offshore Partners from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th.

KNOT Offshore Partners Price Performance

KNOP opened at $10.68 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.24 and a current ratio of 0.25. The stock has a market capitalization of $359.49 million, a P/E ratio of 19.78 and a beta of -0.05. The company's 50-day simple moving average is $10.46 and its two-hundred day simple moving average is $10.50. KNOT Offshore Partners has a 52-week low of $6.95 and a 52-week high of $11.78.

KNOT Offshore Partners (NYSE:KNOP - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The shipping company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.09). KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%.The company had revenue of $92.01 million during the quarter, compared to the consensus estimate of $90.35 million. As a group, analysts predict that KNOT Offshore Partners will post 0.09 EPS for the current year.

KNOT Offshore Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, July 27th were paid a dividend of $0.075 per share. The ex-dividend date was Monday, July 27th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.8%. This is an increase from KNOT Offshore Partners's previous quarterly dividend of $0.05. KNOT Offshore Partners's dividend payout ratio is presently 55.56%.

Insider Activity at KNOT Offshore Partners

In other KNOT Offshore Partners news, Director Trygve Seglem purchased 1,250,000 shares of KNOT Offshore Partners stock in a transaction dated Monday, June 15th. The stock was purchased at an average price of $20.00 per share, with a total value of $25,000,000.00. Following the transaction, the director directly owned 1,458,333 shares of the company's stock, valued at $29,166,660. This trade represents a 600.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Hedge Funds Weigh In On KNOT Offshore Partners

A number of institutional investors and hedge funds have recently made changes to their positions in KNOP. Royal Bank of Canada bought a new stake in KNOT Offshore Partners during the first quarter valued at approximately $25,000. Russell Investments Group Ltd. raised its position in KNOT Offshore Partners by 115.0% in the second 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 period. Occudo Quantitative Strategies LP purchased a new position in shares of KNOT Offshore Partners during the 2nd quarter worth $68,000. Osaic Holdings Inc. boosted its stake in shares of KNOT Offshore Partners by 220.3% during the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company's stock worth $104,000 after acquiring an additional 11,388 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of KNOT Offshore Partners during the 4th quarter valued at $125,000. Hedge funds and other institutional investors own 26.82% of the company's stock.

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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