KNOT Offshore Partners (KNOP) Downgraded by ValuEngine

ValuEngine lowered shares of KNOT Offshore Partners (NYSE:KNOP) from a hold rating to a sell rating in a research report sent to investors on Friday.

Separately, Zacks Investment Research upgraded shares of KNOT Offshore Partners from a hold rating to a buy rating and set a $24.00 target price for the company in a research note on Saturday, September 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $22.50.

KNOP stock traded down $0.34 during trading on Friday, hitting $20.28. 45,744 shares of the company’s stock traded hands, compared to its average volume of 96,484. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.52 and a quick ratio of 0.50. KNOT Offshore Partners has a 52 week low of $19.15 and a 52 week high of $23.45. The firm has a market cap of $663.03 million, a price-to-earnings ratio of 8.97 and a beta of 0.54.

KNOT Offshore Partners (NYSE:KNOP) last released its earnings results on Tuesday, September 4th. The shipping company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.20. KNOT Offshore Partners had a net margin of 35.76% and a return on equity of 14.64%. The firm had revenue of $69.77 million during the quarter, compared to analyst estimates of $67.77 million. As a group, analysts expect that KNOT Offshore Partners will post 2.75 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Thursday, November 1st will be given a dividend of $0.52 per share. The ex-dividend date is Wednesday, October 31st. This represents a $2.08 annualized dividend and a dividend yield of 10.26%. KNOT Offshore Partners’s dividend payout ratio is currently 92.04%.

Several institutional investors have recently added to or reduced their stakes in the company. Ballentine Partners LLC grew its position in shares of KNOT Offshore Partners by 72.5% during the third quarter. Ballentine Partners LLC now owns 39,618 shares of the shipping company’s stock worth $859,000 after acquiring an additional 16,650 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of KNOT Offshore Partners during the third quarter worth about $161,000. First Trust Advisors LP grew its position in shares of KNOT Offshore Partners by 32.2% during the third quarter. First Trust Advisors LP now owns 298,317 shares of the shipping company’s stock worth $6,473,000 after acquiring an additional 72,588 shares during the last quarter. California Public Employees Retirement System grew its position in shares of KNOT Offshore Partners by 8.1% during the second quarter. California Public Employees Retirement System now owns 39,640 shares of the shipping company’s stock worth $878,000 after acquiring an additional 2,954 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of KNOT Offshore Partners by 10.9% during the second quarter. Van ECK Associates Corp now owns 154,349 shares of the shipping company’s stock worth $3,419,000 after acquiring an additional 15,140 shares during the last quarter. Institutional investors and hedge funds own 40.15% of the company’s stock.

About KNOT Offshore Partners

KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company loading, transportation and storage of their crude oil services under time charters and bareboat charters. As of April 25, 2018, it had a fleet of 16 shuttle tankers. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.

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