KNOT Offshore Partners (NYSE:KNOP) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Wall Street Zen upgraded KNOT Offshore Partners from “Sell” to “Hold,” while the broader analyst consensus is “Moderate Buy” with an average price target of $14.00.
• KNOP shares opened at $10.68, near their 50-day and 200-day moving averages, and have traded between $6.95 and $11.78 over the past year.
• The company’s latest quarterly results missed earnings expectations, reporting $0.08 per share versus the $0.17 consensus estimate, although revenue of $92.01 million exceeded forecasts.

KNOT Offshore Partners (NYSE:KNOP - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Sunday.

Other analysts also recently issued research reports about the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of KNOT Offshore Partners in a research note on Wednesday, July 29th. Zacks Research upgraded shares of KNOT Offshore Partners from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

KNOT Offshore Partners Trading Up 0.8%

NYSE:KNOP opened at $10.68 on Friday. The business's 50-day moving average is $10.46 and its two-hundred day moving average is $10.50. KNOT Offshore Partners has a 12 month low of $6.95 and a 12 month high of $11.78. The firm has a market capitalization of $359.49 million, a PE ratio of 19.78 and a beta of -0.05. 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 (NYSE:KNOP - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The shipping company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.09). KNOT Offshore Partners had a net margin of 4.92% and a return on equity of 6.36%. The business had revenue of $92.01 million for the quarter, compared to the consensus estimate of $90.35 million. Research analysts predict that KNOT Offshore Partners will post 0.09 earnings per share for the current fiscal year.

Insider Transactions at KNOT Offshore Partners

In other news, Director Trygve Seglem bought 1,250,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were purchased 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 directly owned 1,458,333 shares in the company, valued at approximately $29,166,660. The trade was a 600.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On KNOT Offshore Partners

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC grew its holdings in shares of KNOT Offshore Partners by 8.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,335,435 shares of the shipping company's stock worth $13,461,000 after acquiring an additional 108,400 shares during the last quarter. American Beacon Advisors Inc. increased its stake in shares of KNOT Offshore Partners by 182.6% in the fourth quarter. American Beacon Advisors Inc. now owns 503,895 shares of the shipping company's stock worth $5,215,000 after acquiring an additional 325,588 shares during the last quarter. Millennium Management LLC increased its stake in shares of KNOT Offshore Partners by 56.5% in the fourth quarter. Millennium Management LLC now owns 145,483 shares of the shipping company's stock worth $1,506,000 after acquiring an additional 52,538 shares during the last quarter. Alpine Global Management LLC purchased a new stake in shares of KNOT Offshore Partners during the fourth quarter worth $1,294,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of KNOT Offshore Partners during the first quarter worth $643,000. 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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