KNOT Offshore Partners (KNOP) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of KNOT Offshore Partners (NYSE:KNOP) from a buy rating to a hold rating in a report issued on Wednesday morning.

According to Zacks, “KNOT Offshore Partners LP is engaged in owning, acquiring and operating shuttle tankers, designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. KNOT Offshore Partners LP is based in Aberdeen, the United Kingdom. “

Separately, ValuEngine downgraded KNOT Offshore Partners from a hold rating to a sell rating in a research report on Tuesday, September 18th. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. KNOT Offshore Partners presently has an average rating of Hold and an average price target of $22.50.

KNOP stock opened at $20.51 on Wednesday. The firm has a market capitalization of $666.96 million, a PE ratio of 9.08 and a beta of 0.54. KNOT Offshore Partners has a 1 year low of $19.15 and a 1 year high of $22.75. The company has a current ratio of 0.52, a quick ratio of 0.50 and a debt-to-equity ratio of 1.58.

KNOT Offshore Partners (NYSE:KNOP) last released its quarterly earnings results on Tuesday, September 4th. The shipping company reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.20. The firm had revenue of $69.77 million for the quarter, compared to the consensus estimate of $67.77 million. KNOT Offshore Partners had a return on equity of 14.64% and a net margin of 35.76%. On average, equities research analysts expect that KNOT Offshore Partners will post 2.75 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Thursday, November 1st will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.08 annualized dividend and a yield of 10.14%. KNOT Offshore Partners’s dividend payout ratio (DPR) is presently 92.04%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KNOP. Eagle Global Advisors LLC lifted its position in KNOT Offshore Partners by 13.6% during the second quarter. Eagle Global Advisors LLC now owns 2,291,332 shares of the shipping company’s stock valued at $50,753,000 after purchasing an additional 274,835 shares in the last quarter. Renaissance Technologies LLC lifted its position in KNOT Offshore Partners by 94.9% during the second quarter. Renaissance Technologies LLC now owns 243,100 shares of the shipping company’s stock valued at $5,385,000 after purchasing an additional 118,400 shares in the last quarter. First Trust Advisors LP lifted its position in shares of KNOT Offshore Partners by 32.2% in the third quarter. First Trust Advisors LP now owns 298,317 shares of the shipping company’s stock valued at $6,473,000 after acquiring an additional 72,588 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in shares of KNOT Offshore Partners in the second quarter valued at about $828,000. Finally, Taylor Frigon Capital Management LLC purchased a new position in shares of KNOT Offshore Partners in the second quarter valued at about $813,000. Institutional investors own 40.40% of the company’s stock.

KNOT Offshore Partners Company Profile

KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company loading, transportation and storage of their crude oil services under time charters and bareboat charters. As of April 25, 2018, it had a fleet of 16 shuttle tankers. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.

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