KNOT Offshore Partners (NYSE:KNOP) Rating Increased to Buy at Zacks Investment Research

KNOT Offshore Partners (NYSE:KNOP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $20.00 price objective on the shipping company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.80% from the stock’s current price.

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. “

Shares of NYSE KNOP traded up $0.22 during mid-day trading on Wednesday, hitting $18.05. The stock had a trading volume of 60,427 shares, compared to its average volume of 129,695. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.18 and a current ratio of 0.18. The company has a 50 day moving average of $18.45 and a two-hundred day moving average of $18.78. KNOT Offshore Partners has a twelve month low of $11.86 and a twelve month high of $20.34. The firm has a market cap of $594.01 million, a PE ratio of 9.03 and a beta of 1.36.

KNOT Offshore Partners (NYSE:KNOP) last released its earnings results on Wednesday, August 25th. The shipping company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.91). KNOT Offshore Partners had a net margin of 23.59% and a return on equity of 15.93%. Equities research analysts predict that KNOT Offshore Partners will post 2.45 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new stake in KNOT Offshore Partners during the 2nd quarter worth about $27,000. Cutler Group LP purchased a new stake in shares of KNOT Offshore Partners during the 2nd quarter worth about $38,000. Citigroup Inc. purchased a new stake in shares of KNOT Offshore Partners during the 2nd quarter worth about $55,000. Sowell Financial Services LLC boosted its stake in shares of KNOT Offshore Partners by 292.5% during the 1st quarter. Sowell Financial Services LLC now owns 7,654 shares of the shipping company’s stock worth $147,000 after acquiring an additional 5,704 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of KNOT Offshore Partners during the 1st quarter worth about $186,000. 21.13% of the stock is currently owned by institutional investors.

About KNOT Offshore Partners

KNOT Offshore Partners LP engages in the operation and acquisition of shuttle tankers under long-term charters. Its fleet consists of sixteen shuttle tankers, which are vessels designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. The company was founded on February 21, 2013 and is headquartered in Aberdeen, the United Kingdom.

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