Zacks Investment Research Downgrades KNOT Offshore Partners (KNOP) to Hold

KNOT Offshore Partners (NYSE:KNOP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “KNOT Offshore Partners LP is engaged in owning, acquiring and operating shuttle tankers, designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. KNOT Offshore Partners LP is based in Aberdeen, the United Kingdom. “

Separately, ValuEngine raised shares of KNOT Offshore Partners from a “sell” rating to a “hold” rating in a report on Thursday, November 15th.

Shares of KNOP opened at $20.18 on Wednesday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.51 and a quick ratio of 0.50. The stock has a market capitalization of $655.19 million, a PE ratio of 8.93 and a beta of 0.50. KNOT Offshore Partners has a one year low of $19.15 and a one year high of $22.75.

KNOT Offshore Partners (NYSE:KNOP) last announced its quarterly earnings results on Tuesday, September 4th. The shipping company reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.20. KNOT Offshore Partners had a net margin of 34.05% and a return on equity of 14.16%. The business had revenue of $69.77 million for the quarter, compared to analysts’ expectations of $67.77 million. On average, sell-side analysts forecast that KNOT Offshore Partners will post 2.75 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of KNOP. Ballentine Partners LLC raised its stake in shares of KNOT Offshore Partners by 72.5% during the third quarter. Ballentine Partners LLC now owns 39,618 shares of the shipping company’s stock valued at $859,000 after acquiring an additional 16,650 shares during the last quarter. Mckinley Capital Management LLC Delaware grew its holdings in KNOT Offshore Partners by 64.8% in the third quarter. Mckinley Capital Management LLC Delaware now owns 61,652 shares of the shipping company’s stock worth $1,338,000 after purchasing an additional 24,247 shares during the period. First Trust Advisors LP grew its holdings in KNOT Offshore Partners by 32.2% in the third quarter. First Trust Advisors LP now owns 298,317 shares of the shipping company’s stock worth $6,473,000 after purchasing an additional 72,588 shares during the period. Renaissance Technologies LLC grew its holdings in shares of KNOT Offshore Partners by 94.9% during the second quarter. Renaissance Technologies LLC now owns 243,100 shares of the shipping company’s stock valued at $5,385,000 after buying an additional 118,400 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of KNOT Offshore Partners by 8.1% during the second quarter. California Public Employees Retirement System now owns 39,640 shares of the shipping company’s stock valued at $878,000 after buying an additional 2,954 shares during the last quarter. 40.49% of the stock is owned by institutional investors and hedge funds.

KNOT Offshore Partners Company Profile

KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company loading, transportation and storage of their crude oil services under time charters and bareboat charters. As of April 25, 2018, it had a fleet of 16 shuttle tankers. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.

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