KNOT Offshore Partners (NYSE:KNOP) Stock Rating Lowered by Zacks Investment Research

KNOT Offshore Partners (NYSE:KNOP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

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. “

Shares of NYSE KNOP traded up $0.27 during midday trading on Thursday, hitting $18.32. The company’s stock had a trading volume of 93,799 shares, compared to its average volume of 129,498. The stock has a fifty day moving average price of $18.43 and a 200 day moving average price of $18.77. KNOT Offshore Partners has a one year low of $11.86 and a one year high of $20.34. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $602.89 million, a price-to-earnings ratio of 9.16 and a beta of 1.36.

KNOT Offshore Partners (NYSE:KNOP) last issued its quarterly earnings data on Wednesday, August 25th. The shipping company reported ($0.38) EPS for the quarter, missing the consensus estimate of $0.53 by ($0.91). KNOT Offshore Partners had a net margin of 23.59% and a return on equity of 15.93%. On average, equities research analysts predict that KNOT Offshore Partners will post 2.45 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new position in KNOT Offshore Partners in the 2nd quarter worth approximately $27,000. Occudo Quantitative Strategies LP purchased a new position in KNOT Offshore Partners in the 1st quarter worth approximately $321,000. Morgan Stanley grew its stake in KNOT Offshore Partners by 4.3% in the 1st quarter. Morgan Stanley now owns 300,502 shares of the shipping company’s stock worth $5,352,000 after buying an additional 12,482 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in KNOT Offshore Partners in the 1st quarter worth approximately $657,000. Finally, Rocky Mountain Advisers LLC purchased a new position in KNOT Offshore Partners in the 2nd quarter worth approximately $1,568,000. 21.13% of the stock is owned by institutional investors and hedge funds.

About KNOT Offshore Partners

KNOT Offshore Partners LP engages in the operation and acquisition of shuttle tankers under long-term charters. Its fleet consists of sixteen shuttle tankers, which are vessels designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. The company was founded on February 21, 2013 and is headquartered in Aberdeen, the United Kingdom.

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