Zacks Research Downgrades KNOT Offshore Partners (NYSE:KNOP) to Hold

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

A number of other equities analysts have also weighed in on the company. Alliance Global Partners reiterated a “neutral” rating on shares of KNOT Offshore Partners in a research report on Monday, December 8th. Wall Street Zen lowered shares of KNOT Offshore Partners from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. B. Riley Financial cut KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Thursday, January 22nd. Finally, Fearnley Fonds cut KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 3rd. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold”.

KNOT Offshore Partners Price Performance

NYSE:KNOP opened at $10.39 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.28 and a debt-to-equity ratio of 1.20. The business’s 50-day moving average price is $10.49 and its 200 day moving average price is $9.20. KNOT Offshore Partners has a 52-week low of $5.29 and a 52-week high of $11.15.

KNOT Offshore Partners (NYSE:KNOP) last posted its quarterly earnings data on Thursday, December 4th. The shipping company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.32. KNOT Offshore Partners had a net margin of 14.69% and a return on equity of 9.00%. The company had revenue of $96.87 million during the quarter, compared to analyst estimates of $88.12 million. As a group, sell-side analysts predict that KNOT Offshore Partners will post 0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On KNOT Offshore Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KNOP. Russell Investments Group Ltd. boosted its position in KNOT Offshore Partners by 115.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock valued at $58,000 after buying an additional 4,836 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new position in shares of KNOT Offshore Partners during the second quarter valued at $68,000. Osaic Holdings Inc. boosted its holdings in KNOT Offshore Partners by 220.3% in the second quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock valued at $104,000 after acquiring an additional 11,388 shares during the last quarter. Acadian Asset Management LLC bought a new position in KNOT Offshore Partners in the first quarter valued at about $130,000. Finally, GSA Capital Partners LLP increased its position in KNOT Offshore Partners by 11.5% in the third quarter. GSA Capital Partners LLP now owns 48,075 shares of the shipping company’s stock worth $424,000 after purchasing an additional 4,957 shares during the period. 26.82% of the stock is currently owned by institutional investors and hedge funds.

About KNOT Offshore Partners

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.