KNOT Offshore Partners (NYSE:KNOP) Rating Increased to Buy at B. Riley Financial

KNOT Offshore Partners (NYSE:KNOP) was upgraded by equities researchers at B. Riley Financial from a “neutral” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $14.00 price target on the shipping company’s stock. B. Riley Financial’s target price would suggest a potential upside of 50.21% from the company’s previous close.

KNOP has been the subject of several other reports. Alliance Global Partners restated a “neutral” rating on shares of KNOT Offshore Partners in a research report on Monday, December 8th. Weiss Ratings restated a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Thursday, January 22nd. Finally, Zacks Research cut shares of KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, KNOT Offshore Partners presently has a consensus rating of “Hold” and a consensus target price of $14.00.

KNOT Offshore Partners Stock Down 9.0%

NYSE:KNOP traded down $0.92 during midday trading on Friday, reaching $9.32. 582,294 shares of the stock traded hands, compared to its average volume of 108,902. The stock has a market capitalization of $319.68 million, a PE ratio of 6.01 and a beta of -0.12. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.27 and a current ratio of 0.28. The business has a 50-day moving average of $10.49 and a two-hundred day moving average of $9.86. KNOT Offshore Partners has a 12-month low of $5.45 and a 12-month high of $11.15.

Hedge Funds Weigh In On KNOT Offshore Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Alpine Global Management LLC acquired a new position in KNOT Offshore Partners during the 4th quarter valued at about $1,294,000. Virtu Financial LLC bought a new position in shares of KNOT Offshore Partners during the 4th quarter valued at about $138,000. XTX Topco Ltd bought a new position in KNOT Offshore Partners during the 4th quarter worth approximately $277,000. Occudo Quantitative Strategies LP bought a new stake in shares of KNOT Offshore Partners in the 4th quarter worth approximately $144,000. Finally, Millennium Management LLC lifted its stake in shares of KNOT Offshore Partners by 56.5% in the 4th quarter. Millennium Management LLC now owns 145,483 shares of the shipping company’s stock valued at $1,506,000 after purchasing an additional 52,538 shares during the period. 26.82% of the stock is owned by institutional investors and hedge funds.

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.