Knife River (NYSE:KNF) Shares Gap Up After Strong Earnings

Knife River Corporation (NYSE:KNF) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $80.77, but opened at $88.82. Knife River shares last traded at $91.0030, with a volume of 159,284 shares traded.

The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The business had revenue of $755.10 million during the quarter, compared to analyst estimates of $726.60 million. Knife River had a net margin of 4.87% and a return on equity of 9.97%. The business’s revenue was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 earnings per share.

Analyst Ratings Changes

KNF has been the topic of a number of research reports. Wall Street Zen cut Knife River from a “hold” rating to a “sell” rating in a research report on Sunday. Wells Fargo & Company dropped their target price on Knife River from $81.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 29th. UBS Group raised shares of Knife River to an “overweight” rating in a report on Tuesday, November 4th. B. Riley Financial began coverage on shares of Knife River in a research note on Thursday, January 15th. They set a “buy” rating and a $92.00 target price for the company. Finally, Zacks Research raised Knife River from a “strong sell” rating to a “hold” rating in a report on Monday, January 5th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.67.

Institutional Trading of Knife River

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas lifted its stake in shares of Knife River by 127.2% in the 2nd quarter. Teacher Retirement System of Texas now owns 128,785 shares of the company’s stock valued at $10,514,000 after purchasing an additional 72,108 shares during the last quarter. Register Financial Advisors LLC raised its holdings in Knife River by 117.8% during the third quarter. Register Financial Advisors LLC now owns 36,115 shares of the company’s stock valued at $2,776,000 after buying an additional 19,536 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Knife River by 27.2% in the second quarter. Franklin Resources Inc. now owns 685,911 shares of the company’s stock worth $55,998,000 after buying an additional 146,782 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Knife River by 2.8% in the second quarter. Rhumbline Advisers now owns 181,591 shares of the company’s stock worth $14,825,000 after buying an additional 4,889 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its holdings in shares of Knife River by 25.0% during the 2nd quarter. Asset Management One Co. Ltd. now owns 68,624 shares of the company’s stock valued at $5,602,000 after acquiring an additional 13,703 shares during the last quarter. Institutional investors own 80.11% of the company’s stock.

Knife River Price Performance

The stock has a 50 day moving average of $75.64 and a two-hundred day moving average of $75.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.47 and a current ratio of 2.39. The firm has a market capitalization of $5.26 billion, a P/E ratio of 35.53, a P/E/G ratio of 1.36 and a beta of 0.47.

Knife River Company Profile

Knife River Corporation, headquartered in Bismarck, North Dakota, is a leading integrated construction materials and contracting company in the western United States. The company specializes in producing and supplying aggregates, asphalt mix, ready-mixed concrete and other heavy construction materials used in highway, commercial and residential projects.

In addition to material production, Knife River offers a comprehensive suite of contracting services, including heavy civil construction, road building, underground and open-pit mining and logistics support.