KNOT Offshore Partners (NYSE:KNOP) Cut to Hold at Wall Street Zen
by Michael Walen · The Markets DailyWall Street Zen lowered shares of KNOT Offshore Partners (NYSE:KNOP – Free Report) from a buy rating to a hold rating in a research note released on Saturday morning.
Other analysts also recently issued reports about the stock. Zacks Research downgraded shares of KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. Alliance Global Partners reiterated a “neutral” rating on shares of KNOT Offshore Partners in a research note on Monday, December 8th. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Thursday, January 22nd. Finally, B. Riley Financial upgraded KNOT Offshore Partners from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research report on Friday, March 20th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, KNOT Offshore Partners presently has a consensus rating of “Hold” and a consensus target price of $14.00.
View Our Latest Research Report on KNOT Offshore Partners
KNOT Offshore Partners Price Performance
Shares of NYSE KNOP opened at $9.90 on Friday. KNOT Offshore Partners has a fifty-two week low of $5.45 and a fifty-two week high of $11.15. The firm’s 50-day simple moving average is $10.39 and its 200 day simple moving average is $9.95. The company has a quick ratio of 0.25, a current ratio of 0.26 and a debt-to-equity ratio of 1.07. The stock has a market cap of $337.13 million, a P/E ratio of 14.56 and a beta of -0.12.
KNOT Offshore Partners Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Monday, January 26th were given a dividend of $0.026 per share. The ex-dividend date was Monday, January 26th. This represents a $0.10 annualized dividend and a dividend yield of 1.1%. KNOT Offshore Partners’s dividend payout ratio (DPR) is 14.71%.
Institutional Trading of KNOT Offshore Partners
A number of hedge funds and other institutional investors have recently made changes to their positions in KNOP. American Beacon Advisors Inc. lifted its stake in KNOT Offshore Partners by 182.6% during the fourth quarter. American Beacon Advisors Inc. now owns 503,895 shares of the shipping company’s stock valued at $5,215,000 after purchasing an additional 325,588 shares during the last quarter. Alpine Global Management LLC acquired a new position in KNOT Offshore Partners in the fourth quarter worth approximately $1,294,000. Millennium Management LLC grew its position in KNOT Offshore Partners by 56.5% in the fourth quarter. Millennium Management LLC now owns 145,483 shares of the shipping company’s stock worth $1,506,000 after buying an additional 52,538 shares during the last quarter. Trexquant Investment LP bought a new position in shares of KNOT Offshore Partners in the fourth quarter valued at $520,000. Finally, Renaissance Technologies LLC increased its holdings in shares of KNOT Offshore Partners by 2.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,227,035 shares of the shipping company’s stock valued at $12,700,000 after buying an additional 32,369 shares in the last quarter. 26.82% of the stock is currently owned by institutional investors.
KNOT Offshore Partners Company Profile
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.