KNOT Offshore Partners LP (NYSE:KNOP) Sees Large Decline in Short Interest

KNOT Offshore Partners LP (NYSE:KNOP) was the recipient of a large decrease in short interest during the month of June. As of June 30th, there was short interest totaling 138,382 shares, a decrease of 38.8% from the June 15th total of 226,089 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 100,507 shares, the days-to-cover ratio is presently 1.4 days.

KNOT Offshore Partners Trading Up 0.4%

Shares of KNOT Offshore Partners stock opened at $10.73 on Thursday. KNOT Offshore Partners has a 52-week low of $6.76 and a 52-week high of $11.78. The firm has a market capitalization of $361.34 million, a PE ratio of 19.88 and a beta of -0.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.24. The company’s fifty day moving average price is $10.70 and its two-hundred day moving average price is $10.50.

KNOT Offshore Partners (NYSE:KNOP) last released its quarterly earnings data on Thursday, May 28th. The shipping company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.09). KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%.The business had revenue of $92.01 million for the quarter, compared to the consensus estimate of $90.35 million. On average, analysts expect that KNOT Offshore Partners will post 0.09 EPS for the current year.

KNOT Offshore Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Monday, July 27th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 2.8%. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, July 27th. KNOT Offshore Partners’s dividend payout ratio (DPR) is currently 37.04%.

Insider Buying and Selling

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 purchased at an average cost of $20.00 per share, with a total value of $25,000,000.00. Following the acquisition, the director directly owned 1,458,333 shares in the company, valued at approximately $29,166,660. This trade represents a 600.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On KNOT Offshore Partners

A number of institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in KNOT Offshore Partners during the first quarter valued at approximately $130,000. Russell Investments Group Ltd. raised its holdings in shares of KNOT Offshore Partners by 115.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock worth $58,000 after buying an additional 4,836 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in shares of KNOT Offshore Partners in the 2nd quarter worth approximately $68,000. Osaic Holdings Inc. lifted its position in shares of KNOT Offshore Partners by 220.3% during the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock worth $104,000 after buying an additional 11,388 shares during the period. Finally, ING Groep NV bought a new position in shares of KNOT Offshore Partners during the 4th quarter worth approximately $205,000. 26.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Fearnley Fonds raised shares of KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Zacks Research downgraded KNOT Offshore Partners from a “hold” rating to a “strong sell” rating in a research report on Monday, July 6th. Wall Street Zen lowered KNOT Offshore Partners from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. B. Riley Financial raised KNOT Offshore Partners from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a report on Friday, March 20th. Finally, Weiss Ratings downgraded KNOT Offshore Partners from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.00.

About KNOT Offshore Partners

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.