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

KNOT Offshore Partners (NYSE:KNOP) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

KNOP has been the subject of a number of other research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of KNOT Offshore Partners in a research report on Wednesday, July 29th. Fearnley Fonds raised shares of KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

KNOT Offshore Partners Stock Down 0.7%

KNOP opened at $10.43 on Tuesday. The firm has a market cap of $350.91 million, a P/E ratio of 19.31 and a beta of -0.05. The business’s fifty day simple moving average is $10.49 and its 200 day simple moving average is $10.50. KNOT Offshore Partners has a 52 week low of $6.90 and a 52 week high of $11.78. The company has a quick ratio of 0.24, a current ratio of 0.25 and a debt-to-equity ratio of 0.93.

KNOT Offshore Partners (NYSE:KNOP) last released its quarterly earnings results on Thursday, May 28th. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.09). The firm had revenue of $92.01 million for the quarter, compared to analyst estimates of $90.35 million. KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%. As a group, equities research analysts anticipate that KNOT Offshore Partners will post 0.09 EPS for the current fiscal year.

Insider Activity

In other KNOT Offshore Partners news, Director Trygve Seglem bought 1,250,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were acquired at an average price of $20.00 per share, with a total value of $25,000,000.00. Following the purchase, the director owned 1,458,333 shares in the company, valued at approximately $29,166,660. The trade was a 600.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Institutional Trading of KNOT Offshore Partners

Large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in KNOT Offshore Partners by 8.8% in the first quarter. Renaissance Technologies LLC now owns 1,335,435 shares of the shipping company’s stock valued at $13,461,000 after purchasing an additional 108,400 shares during the period. American Beacon Advisors Inc. raised its holdings in shares of KNOT Offshore Partners by 182.6% during the 4th quarter. American Beacon Advisors Inc. now owns 503,895 shares of the shipping company’s stock valued at $5,215,000 after buying an additional 325,588 shares during the period. Millennium Management LLC lifted its position in KNOT Offshore Partners by 56.5% during the 4th quarter. Millennium Management LLC now owns 145,483 shares of the shipping company’s stock worth $1,506,000 after acquiring an additional 52,538 shares in the last quarter. Alpine Global Management LLC purchased a new position in KNOT Offshore Partners in the 4th quarter worth approximately $1,294,000. Finally, Janney Montgomery Scott LLC acquired a new stake in KNOT Offshore Partners in the first quarter valued at approximately $643,000. 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.