KNOT Offshore Partners LP (NYSE:KNOP) Stock Has Average Price Target of $14.00 According to Brokerages

KNOT Offshore Partners LP (NYSE:KNOP) has earned a consensus rating of “Moderate Buy” from the five ratings firms that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $14.00.

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

Institutional Investors Weigh In On KNOT Offshore Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its position in shares of 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 purchasing an additional 108,400 shares during the last quarter. American Beacon Advisors Inc. boosted its stake in KNOT Offshore Partners by 71.8% during the 2nd quarter. American Beacon Advisors Inc. now owns 865,554 shares of the shipping company’s stock valued at $8,638,000 after purchasing an additional 361,659 shares during the period. Janney Montgomery Scott LLC acquired a new stake in KNOT Offshore Partners in the 1st quarter valued at approximately $643,000. Royal Bank of Canada acquired a new stake in KNOT Offshore Partners in the 1st quarter valued at approximately $25,000. Finally, Walleye Capital LLC bought a new position in KNOT Offshore Partners in the 1st quarter worth approximately $259,000. 26.82% of the stock is owned by institutional investors and hedge funds.

KNOT Offshore Partners Stock Performance

Shares of NYSE KNOP opened at $10.25 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. The firm has a market cap of $345.01 million, a price-to-earnings ratio of 23.30 and a beta of -0.02. The business’s 50-day simple moving average is $10.79 and its 200-day simple moving average is $10.61. KNOT Offshore Partners has a 52 week low of $8.00 and a 52 week high of $11.78.

KNOT Offshore Partners (NYSE:KNOP) last issued its quarterly earnings data on Friday, August 14th. The shipping company reported $0.05 earnings per share for the quarter. KNOT Offshore Partners had a return on equity of 5.73% and a net margin of 3.90%.The business had revenue of $96.78 million for the quarter. As a group, equities research analysts expect that KNOT Offshore Partners will post 0.22 earnings per share for the current fiscal year.

KNOT Offshore Partners Increases Dividend

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