Zacks Investment Research lowered shares of KNOT Offshore Partners (NYSE:KNOP) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
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. “
Separately, ValuEngine downgraded KNOT Offshore Partners from a hold rating to a sell rating in a report on Friday, November 2nd. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company currently has an average rating of Hold and a consensus price target of $22.50.
KNOP stock traded up $0.09 during mid-day trading on Wednesday, reaching $20.51. The company’s stock had a trading volume of 41,143 shares, compared to its average volume of 96,240. The company has a market cap of $666.96 million, a P/E ratio of 9.08 and a beta of 0.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.50 and a current ratio of 0.52. KNOT Offshore Partners has a 12 month low of $19.15 and a 12 month high of $22.75.
KNOT Offshore Partners (NYSE:KNOP) last issued its earnings results on Tuesday, September 4th. The shipping company reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.20. The business had revenue of $69.77 million during the quarter, compared to the consensus estimate of $67.77 million. KNOT Offshore Partners had a return on equity of 14.64% and a net margin of 35.76%. On average, research analysts predict that KNOT Offshore Partners will post 2.75 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Thursday, November 1st will be issued a $0.52 dividend. The ex-dividend date of this dividend is Wednesday, October 31st. This represents a $2.08 dividend on an annualized basis and a yield of 10.14%. KNOT Offshore Partners’s payout ratio is currently 92.04%.
A number of hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN increased its holdings in KNOT Offshore Partners by 31.7% in the first quarter. Wells Fargo & Company MN now owns 11,966 shares of the shipping company’s stock worth $237,000 after purchasing an additional 2,878 shares in the last quarter. Ballentine Partners LLC grew its stake in KNOT Offshore Partners by 14.5% in the second quarter. Ballentine Partners LLC now owns 22,968 shares of the shipping company’s stock valued at $509,000 after acquiring an additional 2,908 shares during the period. California Public Employees Retirement System grew its stake in KNOT Offshore Partners by 8.1% in the second quarter. California Public Employees Retirement System now owns 39,640 shares of the shipping company’s stock valued at $878,000 after acquiring an additional 2,954 shares during the period. Cornerstone Wealth Management LLC acquired a new stake in KNOT Offshore Partners in the second quarter valued at approximately $200,000. Finally, Russell Investments Group Ltd. acquired a new stake in KNOT Offshore Partners in the third quarter valued at approximately $161,000. Institutional investors and hedge funds own 40.40% of the company’s stock.
KNOT Offshore Partners Company Profile
KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company loading, transportation and storage of their crude oil services under time charters and bareboat charters. As of April 25, 2018, it had a fleet of 16 shuttle tankers. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.
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