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

Zacks Research upgraded shares of KNOT Offshore Partners (NYSE:KNOP) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

KNOP has been the subject of several other reports. Fearnley Fonds raised KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

KNOT Offshore Partners Stock Performance

KNOT Offshore Partners stock opened at $10.43 on Tuesday. The business has a 50 day moving average of $10.49 and a 200-day moving average of $10.50. The company has a market capitalization of $350.91 million, a P/E ratio of 19.31 and a beta of -0.05. KNOT Offshore Partners has a 1 year low of $6.90 and a 1 year high of $11.78. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.25 and a quick ratio of 0.24.

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

KNOT Offshore Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, July 27th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 2.9%. This is an increase 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 payout ratio is presently 55.56%.

Insider Buying and Selling at KNOT Offshore Partners

In related news, Director Trygve Seglem acquired 1,250,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were purchased at an average price of $20.00 per share, for a total transaction of $25,000,000.00. Following the completion of the acquisition, the director owned 1,458,333 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada bought a new position in KNOT Offshore Partners in the first quarter worth approximately $25,000. Russell Investments Group Ltd. increased its holdings in shares of KNOT Offshore Partners by 115.0% during the second quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock valued at $58,000 after acquiring an additional 4,836 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in shares of KNOT Offshore Partners during the second quarter worth approximately $68,000. Osaic Holdings Inc. raised its position in shares of KNOT Offshore Partners by 220.3% during the second quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock worth $104,000 after purchasing an additional 11,388 shares during the period. Finally, Cetera Investment Advisers bought a new position in shares of KNOT Offshore Partners in the 4th quarter worth $125,000. 26.82% of the stock is owned by institutional investors and hedge funds.

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.