Knife River (NYSE:KNF) Price Target Lowered to $96.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has cut its price target for Knife River (NYSE:KNF) from $114.00 to $96.00, while maintaining an "overweight" rating on the stock, which indicates a potential upside of 16.99% from the current price.
• Other analysts have also adjusted their ratings, with DA Davidson lowering its target from $125.00 to $120.00 and Royal Bank Of Canada starting coverage with a target price of $129.00.
• Knife River recently reported a quarterly loss of (1.21) EPS, missing expectations, but showed a year-over-year revenue increase of 7.3% to $353.50 million.

Knife River (NYSE:KNF - Get Free Report) had its price objective lowered by equities researchers at Wells Fargo & Company from $114.00 to $96.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 15.08% from the company's current price.

KNF has been the topic of several other reports. DA Davidson reduced their price objective on Knife River from $125.00 to $120.00 and set a "buy" rating on the stock in a research note on Tuesday, June 10th. Royal Bank Of Canada began coverage on Knife River in a research report on Monday, June 16th. They set an "outperform" rating and a $129.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $114.17.

Knife River Stock Up 1.1%

NYSE:KNF traded up $0.94 on Tuesday, reaching $83.42. The stock had a trading volume of 919,001 shares, compared to its average volume of 617,816. The stock has a market cap of $4.73 billion, a P/E ratio of 26.32, a price-to-earnings-growth ratio of 2.24 and a beta of 0.63. Knife River has a 12-month low of $67.22 and a 12-month high of $108.83. The company has a current ratio of 2.94, a quick ratio of 1.49 and a debt-to-equity ratio of 0.82. The company has a 50-day moving average of $84.06 and a 200 day moving average of $91.64.

Knife River (NYSE:KNF - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($1.21) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.32). The business had revenue of $353.50 million for the quarter, compared to analysts' expectations of $343.98 million. Knife River had a net margin of 6.18% and a return on equity of 12.83%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.84) earnings per share. On average, research analysts predict that Knife River will post 4.11 earnings per share for the current year.

Institutional Investors Weigh In On Knife River

A number of hedge funds and other institutional investors have recently modified their holdings of KNF. Capital Research Global Investors lifted its stake in shares of Knife River by 45.2% in the 4th quarter. Capital Research Global Investors now owns 1,936,532 shares of the company's stock worth $196,829,000 after acquiring an additional 603,170 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Knife River by 4,145.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,667,822 shares of the company's stock worth $150,456,000 after purchasing an additional 1,628,535 shares during the period. Invesco Ltd. increased its position in shares of Knife River by 40.6% during the 1st quarter. Invesco Ltd. now owns 1,236,929 shares of the company's stock valued at $111,583,000 after purchasing an additional 357,133 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Knife River by 7.1% in the first quarter. Alliancebernstein L.P. now owns 1,179,797 shares of the company's stock valued at $106,429,000 after buying an additional 78,209 shares during the period. Finally, Driehaus Capital Management LLC boosted its stake in Knife River by 9.6% during the first quarter. Driehaus Capital Management LLC now owns 1,077,922 shares of the company's stock valued at $97,239,000 after buying an additional 94,710 shares in the last quarter. 80.11% of the stock is currently owned by institutional investors.

Knife River Company Profile

Knife River Corporation, together with its subsidiaries, provides aggregates- led construction materials and contracting services in the United States. It operates through Pacific, Northwest, Mountain, Central, and Energy Services segments. The company mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete.