Knife River (NYSE:KNF) Price Target Cut to $96.00 by Analysts 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 target lowered by analysts 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 target price points to a potential upside of 15.86% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Royal Bank Of Canada started coverage on shares of Knife River in a report on Monday, June 16th. They issued an "outperform" rating and a $129.00 target price for the company. DA Davidson dropped their price target on Knife River from $125.00 to $120.00 and set a "buy" rating for the company in a research note on Tuesday, June 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $114.17.

Knife River Stock Performance

Shares of NYSE KNF traded up $1.08 during midday trading on Tuesday, hitting $82.86. 1,158,141 shares of the company's stock traded hands, compared to its average volume of 585,246. The firm has a fifty day moving average of $84.60 and a 200 day moving average of $91.85. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 2.23 and a beta of 0.63. Knife River has a 1 year low of $67.22 and a 1 year high of $108.83. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.49 and a current ratio of 2.94.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors lifted its position in Knife River by 45.2% in the fourth quarter. Capital Research Global Investors now owns 1,936,532 shares of the company's stock worth $196,829,000 after buying an additional 603,170 shares during the last quarter. 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 buying an additional 1,628,535 shares during the last quarter. Invesco Ltd. lifted its position in Knife River by 40.6% in the first quarter. Invesco Ltd. now owns 1,236,929 shares of the company's stock worth $111,583,000 after buying an additional 357,133 shares during the last quarter. Alliancebernstein L.P. lifted its position in Knife River by 7.1% in the first quarter. Alliancebernstein L.P. now owns 1,179,797 shares of the company's stock worth $106,429,000 after buying an additional 78,209 shares during the last quarter. Finally, Driehaus Capital Management LLC lifted its position in Knife River by 9.6% in the first quarter. Driehaus Capital Management LLC now owns 1,077,922 shares of the company's stock worth $97,239,000 after buying an additional 94,710 shares during 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.