KNOT Offshore Partners (NYSE:KNOP) Share Price Breaks Below 200 Day Moving Average – Here’s Why

by · The Markets Daily

KNOT Offshore Partners LP (NYSE:KNOP – Get Free Report) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $10.62 and traded as low as $9.79. KNOT Offshore Partners shares last traded at $9.88, with a volume of 43,602 shares changing hands.

Analysts Set New Price Targets

KNOP has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a research report on Wednesday, July 29th. Wall Street Zen raised KNOT Offshore Partners from a “sell” rating to a “hold” rating in a report on Sunday, September 6th. Finally, Zacks Research raised KNOT Offshore Partners from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Get Our Latest Stock Report on KNOP

KNOT Offshore Partners Stock Up 0.6%

The company has a current ratio of 0.34, a quick ratio of 0.33 and a debt-to-equity ratio of 1.10. The stock’s 50-day moving average is $10.67 and its 200-day moving average is $10.61. The company has a market cap of $338.11 million, a price-to-earnings ratio of 22.83 and a beta of -0.02.

KNOT Offshore Partners (NYSE:KNOP – Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The shipping company reported $0.05 EPS for the quarter. KNOT Offshore Partners had a net margin of 3.90% and a return on equity of 5.73%. The business had revenue of $96.78 million during the quarter. On average, analysts anticipate that KNOT Offshore Partners LP 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 paid a $0.10 dividend. This is an increase from KNOT Offshore Partners’s previous quarterly dividend of $0.0750. This represents a $0.40 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Monday, October 26th. KNOT Offshore Partners’s payout ratio is currently 68.18%.

Institutional Trading of KNOT Offshore Partners

Several large investors have recently added to or reduced their stakes in the stock. American Beacon Advisors Inc. raised its position in shares of KNOT Offshore Partners by 71.8% in the 2nd 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 purchased a new stake in KNOT Offshore Partners during the first quarter valued at $25,000. Renaissance Technologies LLC lifted its stake in shares of KNOT Offshore Partners by 8.8% in 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 period. Walleye Capital LLC bought a new stake in shares of KNOT Offshore Partners during the 1st quarter valued at $259,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of KNOT Offshore Partners in the first quarter worth about $643,000. Institutional investors own 26.82% of the company’s stock.

About KNOT Offshore Partners

(Get Free Report)

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.

Featured Stories