Short Interest in KNOT Offshore Partners LP (NYSE:KNOP) Rises By 43.8%

Key Points

• Short interest jumped 43.8% to 264,665 shares as of March 31, representing 0.8% of shares outstanding and a days-to-cover ratio of about 1.2 days.
• Dividend increased: KNOT Offshore raised its quarterly payout to $0.05 (from $0.03), implying a $0.20 annualized dividend and a ~2.0% yield, with an ex-dividend date of April 27 and payment on May 14.
• Analyst outlook is mixed but mildly positive, with a consensus rating of "Moderate Buy" and a $14.00 consensus price target after several upgrades and downgrades from different firms.

KNOT Offshore Partners LP (NYSE:KNOP - Get Free Report) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totaling 264,665 shares, a growth of 43.8% from the March 15th total of 184,109 shares. Based on an average trading volume of 224,959 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.8% of the shares of the company are sold short.

KNOT Offshore Partners Stock Performance

Shares of NYSE KNOP traded down $0.09 during trading hours on Thursday, reaching $10.14. The stock had a trading volume of 53,501 shares, compared to its average volume of 121,504. The business's fifty day moving average is $10.26 and its two-hundred day moving average is $10.04. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.26 and a quick ratio of 0.25. The company has a market cap of $345.05 million, a price-to-earnings ratio of 14.90 and a beta of -0.10. KNOT Offshore Partners has a twelve month low of $6.16 and a twelve month high of $11.15.

KNOT Offshore Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Monday, April 27th will be paid a dividend of $0.05 per share. This is an increase from KNOT Offshore Partners's previous quarterly dividend of $0.03. This represents a $0.20 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, April 27th. KNOT Offshore Partners's dividend payout ratio is currently 29.41%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Fearnley Fonds upgraded KNOT Offshore Partners from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 10th. Wall Street Zen lowered KNOT Offshore Partners from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Weiss Ratings restated a "hold (c)" rating on shares of KNOT Offshore Partners in a research note on Thursday, January 22nd. Zacks Research lowered KNOT Offshore Partners from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 5th. Finally, B. Riley Financial upgraded KNOT Offshore Partners from a "neutral" rating to a "buy" rating and set a $14.00 target price for the company in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, KNOT Offshore Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its stake in KNOT Offshore Partners by 56.5% during 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 in the last quarter. Trexquant Investment LP acquired a new position in KNOT Offshore Partners during the fourth quarter worth $520,000. XTX Topco Ltd acquired a new position in KNOT Offshore Partners during the fourth quarter worth $277,000. Occudo Quantitative Strategies LP acquired a new position in KNOT Offshore Partners during the fourth quarter worth $144,000. Finally, Virtu Financial LLC acquired a new position in KNOT Offshore Partners during the fourth quarter worth $138,000. 26.82% of the stock is currently owned by institutional investors and hedge funds.

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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