Knife River (NYSE:KNF) Shares Gap Down After Earnings Miss

Knife River Corporation (NYSE:KNF)’s stock price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $78.84, but opened at $71.15. Knife River shares last traded at $66.4230, with a volume of 216,340 shares.

The company reported $0.77 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.36). Knife River had a net margin of 4.58% and a return on equity of 9.35%. The company had revenue of $938.60 million during the quarter, compared to analyst estimates of $931.39 million. During the same period in the prior year, the business posted $0.89 EPS. Knife River’s revenue for the quarter was up 12.6% compared to the same quarter last year.

Analysts Set New Price Targets

A number of analysts have issued reports on KNF shares. Weiss Ratings raised Knife River from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. upped their price objective on shares of Knife River from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Royal Bank Of Canada cut their price objective on shares of Knife River from $109.00 to $107.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Zacks Research raised shares of Knife River from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 3rd. Finally, Oppenheimer started coverage on shares of Knife River in a report on Thursday, May 28th. They issued an “outperform” rating and a $95.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.14.

Hedge Funds Weigh In On Knife River

Several large investors have recently made changes to their positions in KNF. Bessemer Group Inc. grew its position in shares of Knife River by 6.9% during the first quarter. Bessemer Group Inc. now owns 1,852 shares of the company’s stock worth $151,000 after buying an additional 119 shares in the last quarter. DMKC Advisory Services LLC raised its holdings in Knife River by 4.2% in the fourth quarter. DMKC Advisory Services LLC now owns 3,762 shares of the company’s stock valued at $265,000 after acquiring an additional 150 shares in the last quarter. TIAA Trust National Association raised its holdings in Knife River by 5.6% in the fourth quarter. TIAA Trust National Association now owns 3,146 shares of the company’s stock valued at $221,000 after acquiring an additional 166 shares in the last quarter. Lido Advisors LLC lifted its stake in Knife River by 6.0% in the first quarter. Lido Advisors LLC now owns 2,949 shares of the company’s stock worth $241,000 after acquiring an additional 167 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in Knife River by 6.3% in the third quarter. Crossmark Global Holdings Inc. now owns 3,705 shares of the company’s stock worth $285,000 after acquiring an additional 220 shares during the last quarter. 80.11% of the stock is currently owned by institutional investors and hedge funds.

Knife River Stock Down 14.7%

The company has a current ratio of 2.67, a quick ratio of 1.31 and a debt-to-equity ratio of 0.91. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 26.18, a PEG ratio of 1.31 and a beta of 0.42. The firm’s fifty day simple moving average is $80.50 and its 200 day simple moving average is $81.40.

Knife River Company Profile

Knife River Corporation, headquartered in Bismarck, North Dakota, is a leading integrated construction materials and contracting company in the western United States. The company specializes in producing and supplying aggregates, asphalt mix, ready-mixed concrete and other heavy construction materials used in highway, commercial and residential projects.

In addition to material production, Knife River offers a comprehensive suite of contracting services, including heavy civil construction, road building, underground and open-pit mining and logistics support.