KNOT Offshore Partners (NYSE:KNOP) Issues Earnings Results, Beats Estimates By $0.04 EPS

KNOT Offshore Partners (NYSE:KNOP) released its quarterly earnings data on Thursday. The shipping company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.04, Zacks reports. KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%.

KNOT Offshore Partners Stock Performance

Shares of KNOT Offshore Partners stock traded down $0.10 on Thursday, hitting $11.19. 37,039 shares of the company’s stock were exchanged, compared to its average volume of 93,547. KNOT Offshore Partners has a 1 year low of $7.74 and a 1 year high of $11.78. The company has a 50-day simple moving average of $10.53 and a 200-day simple moving average of $10.52. The stock has a market capitalization of $376.66 million, a PE ratio of 20.72 and a beta of -0.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.24 and a current ratio of 0.25.

KNOT Offshore Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, July 27th were given a $0.075 dividend. The ex-dividend date was Monday, July 27th. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a yield of 2.7%. KNOT Offshore Partners’s payout ratio is 55.56%.

Analyst Ratings Changes

A number of analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Wednesday, July 29th. Wall Street Zen downgraded KNOT Offshore Partners from a “hold” rating to a “sell” rating in a report on Saturday, August 29th. Finally, Zacks Research raised KNOT Offshore Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. One research 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $14.00.

Insider Transactions at KNOT Offshore Partners

In related news, Director Trygve Seglem purchased 1,250,000 shares of KNOT Offshore Partners stock in a transaction on Monday, June 15th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director directly owned 1,458,333 shares in the company, valued at $29,166,660. This represents a 600.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Institutional Investors Weigh In On KNOT Offshore Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in KNOT Offshore Partners by 2.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,227,035 shares of the shipping company’s stock worth $12,700,000 after acquiring an additional 32,369 shares in the last quarter. Millennium Management LLC boosted its position in shares of KNOT Offshore Partners by 56.5% in the fourth quarter. Millennium Management LLC now owns 145,483 shares of the shipping company’s stock worth $1,506,000 after purchasing an additional 52,538 shares during the period. Trexquant Investment LP bought a new position in shares of KNOT Offshore Partners in the fourth quarter worth approximately $520,000. Jane Street Group LLC bought a new position in shares of KNOT Offshore Partners in the fourth quarter worth approximately $313,000. Finally, XTX Topco Ltd purchased a new stake in shares of KNOT Offshore Partners in the fourth quarter worth $277,000. 26.82% of the stock is owned by hedge funds and other institutional investors.

KNOT Offshore Partners Company Profile

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.