Knife River (NYSE:KNF) Shares Gap Up on Earnings Beat

Knife River Corporation (NYSE:KNF) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. The firm had revenue of $755.10 million for the quarter, compared to analyst estimates of $726.60 million. Knife River had a return on equity of 9.97% and a net margin of 4.87%.The company’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 EPS.

Wall Street Analyst Weigh In

KNF has been the subject of several research analyst reports. Wall Street Zen cut Knife River from a “hold” rating to a “sell” rating in a report on Sunday. Weiss Ratings restated a “hold (c)” rating on shares of Knife River in a research note on Thursday, January 22nd. JPMorgan Chase & Co. began coverage on shares of Knife River in a report on Thursday, December 4th. They set a “neutral” rating and a $83.00 price target on the stock. Wells Fargo & Company lowered their price objective on shares of 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. Finally, B. Riley Financial initiated coverage on Knife River in a research note on Thursday, January 15th. They issued a “buy” rating and a $92.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

Institutional Investors Weigh In On Knife River

Several hedge funds and other institutional investors have recently modified their holdings of the business. DMKC Advisory Services LLC increased its position in shares of Knife River by 4.2% in the fourth quarter. DMKC Advisory Services LLC now owns 3,762 shares of the company’s stock worth $265,000 after acquiring an additional 150 shares in the last quarter. Cornerstone Investment Partners LLC increased its holdings in Knife River by 5.8% in the 3rd quarter. Cornerstone Investment Partners LLC now owns 2,941 shares of the company’s stock valued at $226,000 after purchasing an additional 161 shares in the last quarter. TIAA Trust National Association raised its position in Knife River by 5.6% in the fourth quarter. TIAA Trust National Association now owns 3,146 shares of the company’s stock valued at $221,000 after purchasing an additional 166 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Knife River by 1.3% during the second quarter. Nisa Investment Advisors LLC now owns 13,292 shares of the company’s stock worth $1,085,000 after purchasing an additional 167 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Knife River by 3.9% in the second quarter. PNC Financial Services Group Inc. now owns 4,497 shares of the company’s stock valued at $367,000 after buying an additional 170 shares in the last quarter. 80.11% of the stock is currently owned by hedge funds and other institutional investors.

Knife River Trading Up 14.9%

The firm has a fifty day moving average of $75.64 and a 200 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 PE ratio of 35.53, a P/E/G ratio of 1.36 and a beta of 0.47.

About Knife River

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.