KNOT Offshore Partners (NYSE:KNOP) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• KNOT Offshore Partners' shares have crossed above the 200-day moving average for the first time, indicating potential bullish momentum, with the stock recently trading at $7.02.
• Wall Street Zen has upgraded KNOT Offshore Partners from a "hold" to a "buy" rating, suggesting a more positive outlook for the stock.
• The company reported a quarterly earnings per share (EPS) of $0.22, exceeding expectations, alongside a recent dividend declaration with a yield of 1.5%.

KNOT Offshore Partners LP (NYSE:KNOP - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.34 and traded as high as $7.11. KNOT Offshore Partners shares last traded at $7.02, with a volume of 27,932 shares.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised KNOT Offshore Partners from a "hold" rating to a "buy" rating in a research note on Friday, June 6th.

KNOT Offshore Partners Trading Up 2.8%

The stock has a market capitalization of $243.67 million, a PE ratio of 17.33 and a beta of -0.10. The company has a current ratio of 0.34, a quick ratio of 0.33 and a debt-to-equity ratio of 1.31. The stock has a 50 day moving average price of $6.83 and a 200-day moving average price of $6.37.

KNOT Offshore Partners (NYSE:KNOP - Get Free Report) last issued its earnings results on Tuesday, May 20th. The shipping company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.08. KNOT Offshore Partners had a net margin of 4.36% and a return on equity of 4.35%. The company had revenue of $84.03 million during the quarter, compared to the consensus estimate of $79.74 million. Sell-side analysts expect that KNOT Offshore Partners LP will post 0.12 earnings per share for the current year.

KNOT Offshore Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 28th were given a dividend of $0.026 per share. This represents a $0.10 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, July 28th. KNOT Offshore Partners's dividend payout ratio (DPR) is 24.39%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KNOP. Compagnie Lombard Odier SCmA acquired a new position in KNOT Offshore Partners in the 1st quarter valued at about $63,000. Cubist Systematic Strategies LLC boosted its holdings in KNOT Offshore Partners by 15.9% in the 4th quarter. Cubist Systematic Strategies LLC now owns 13,589 shares of the shipping company's stock valued at $74,000 after purchasing an additional 1,865 shares during the last quarter. Transce3nd LLC acquired a new position in KNOT Offshore Partners in the 4th quarter valued at about $77,000. Sowell Financial Services LLC acquired a new position in KNOT Offshore Partners in the 1st quarter valued at about $82,000. Finally, EWA LLC acquired a new position in KNOT Offshore Partners in the 1st quarter valued at about $85,000. 26.82% of the stock is currently owned by institutional investors and hedge funds.

About KNOT Offshore Partners

KNOT Offshore Partners LP acquires, owns, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, and discharge of crude oil under time charters and bareboat charters. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.