KNOT Offshore Partners LP (NYSE:KNOP) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

KNOT Offshore Partners LP (NYSE:KNOP) has earned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $14.00.

A number of brokerages have recently commented on KNOP. Wall Street Zen raised shares of KNOT Offshore Partners from a “sell” rating to a “hold” rating in a research note on Sunday, September 6th. Zacks Research raised shares of KNOT Offshore Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Wednesday, July 29th.

Institutional Investors Weigh In On KNOT Offshore Partners

Several hedge funds have recently modified their holdings of the stock. American Beacon Advisors Inc. lifted its position in shares of KNOT Offshore Partners by 71.8% during the second quarter. American Beacon Advisors Inc. now owns 865,554 shares of the shipping company’s stock worth $8,638,000 after purchasing an additional 361,659 shares during the last quarter. Royal Bank of Canada acquired a new stake in KNOT Offshore Partners during the first quarter valued at approximately $25,000. Renaissance Technologies LLC lifted its holdings in KNOT Offshore Partners by 8.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,335,435 shares of the shipping company’s stock worth $13,461,000 after buying an additional 108,400 shares during the last quarter. Walleye Capital LLC acquired a new position in shares of KNOT Offshore Partners in the 1st quarter worth approximately $259,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of KNOT Offshore Partners in the 1st quarter worth approximately $643,000. 26.82% of the stock is currently owned by hedge funds and other institutional investors.

KNOT Offshore Partners Stock Up 0.5%

Shares of NYSE:KNOP opened at $10.39 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.33 and a current ratio of 0.34. KNOT Offshore Partners has a 1 year low of $8.00 and a 1 year high of $11.78. The stock has a market capitalization of $349.63 million, a P/E ratio of 23.61 and a beta of -0.02. The stock has a 50-day simple moving average of $10.79 and a 200-day simple moving average of $10.62.

KNOT Offshore Partners (NYSE:KNOP) last posted its quarterly earnings results on Friday, August 14th. The shipping company reported $0.05 EPS for the quarter. The firm had revenue of $96.78 million for the quarter. KNOT Offshore Partners had a net margin of 3.90% and a return on equity of 5.73%. Equities analysts forecast that KNOT Offshore Partners will post 0.22 earnings per share for the current year.

KNOT Offshore Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Stockholders of record on Monday, October 26th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, October 26th. This is a positive change from KNOT Offshore Partners’s previous quarterly dividend of $0.0750. This represents a $0.40 annualized dividend and a dividend yield of 3.9%. KNOT Offshore Partners’s dividend payout ratio (DPR) is currently 68.18%.

KNOT Offshore Partners Company Profile

KNOT Offshore Partners LP (NYSE: KNOP) is a publicly traded master limited partnership that owns and operates shuttle tankers. These specialized vessels transport crude oil from offshore production facilities to onshore terminals, refineries, or other designated locations, providing an essential link in the offshore oil supply chain.

The partnership typically places its vessels under long-term or medium-term charter contracts with energy companies and offshore producers. Its fleet is designed for shuttle-tanker operations, which can include dynamically positioning near offshore installations and repeatedly transporting crude oil between production sites and receiving terminals.

KNOT Offshore Partners was formed in 2013 and is sponsored by Knutsen NYK Offshore Tankers AS, a joint venture associated with Knutsen OAS Shipping and NYK Line.