KNOT Offshore Partners (NYSE:KNOP) Releases Quarterly Earnings Results

KNOT Offshore Partners (NYSE:KNOP) announced its earnings results on Thursday. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22), FiscalAI reports. The business had revenue of $92.01 million for the quarter, compared to analysts’ expectations of $90.35 million. KNOT Offshore Partners had a net margin of 6.38% and a return on equity of 7.30%.

KNOT Offshore Partners Stock Up 1.3%

NYSE:KNOP traded up $0.15 during mid-day trading on Thursday, reaching $11.21. The company’s stock had a trading volume of 79,236 shares, compared to its average volume of 111,781. KNOT Offshore Partners has a 1 year low of $6.16 and a 1 year high of $11.78. The stock has a fifty day moving average of $10.51 and a 200-day moving average of $10.42. The firm has a market capitalization of $377.29 million, a PE ratio of 16.48 and a beta of -0.07. The company has a quick ratio of 0.25, a current ratio of 0.26 and a debt-to-equity ratio of 1.07.

KNOT Offshore Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, April 27th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.8%. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Monday, April 27th. KNOT Offshore Partners’s payout ratio is currently 29.41%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on KNOP shares. Weiss Ratings lowered shares of KNOT Offshore Partners from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Fearnley Fonds raised shares of KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Zacks Research lowered shares of KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Wall Street Zen lowered KNOT Offshore Partners from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, B. Riley Financial upgraded 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. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.00.

Institutional Trading of KNOT Offshore Partners

Hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its holdings in 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 worth $58,000 after buying an additional 4,836 shares during the period. Occudo Quantitative Strategies LP purchased a new stake in KNOT Offshore Partners during the second quarter worth $68,000. Cetera Investment Advisers purchased a new stake in KNOT Offshore Partners during the fourth quarter worth $125,000. Virtu Financial LLC purchased a new stake in KNOT Offshore Partners during the fourth quarter worth $138,000. Finally, Osaic Holdings Inc. lifted its holdings in 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 buying an additional 11,388 shares during the period. Hedge funds and other institutional investors own 26.82% of the company’s stock.

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.