KNOT Offshore Partners (NYSE:KNOP) Raised to “Strong-Buy” at Zacks Investment Research

KNOT Offshore Partners (NYSE:KNOPGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $19.00 price target on the shipping company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.56% from the stock’s previous close.

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, StockNews.com initiated coverage on KNOT Offshore Partners in a research note on Thursday, March 31st. They set a “buy” rating on the stock.

Shares of KNOT Offshore Partners stock opened at $16.88 on Wednesday. The firm has a fifty day moving average of $16.80 and a two-hundred day moving average of $15.88. The stock has a market capitalization of $569.01 million, a price-to-earnings ratio of 11.33 and a beta of 1.02. KNOT Offshore Partners has a 52 week low of $12.34 and a 52 week high of $20.34. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.52 and a current ratio of 0.56.

KNOT Offshore Partners (NYSE:KNOPGet Rating) last issued its quarterly earnings data on Wednesday, March 9th. The shipping company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.44 by $0.11. The business had revenue of $72.13 million for the quarter, compared to the consensus estimate of $67.95 million. KNOT Offshore Partners had a return on equity of 13.67% and a net margin of 19.11%. During the same quarter last year, the business posted $0.75 EPS. As a group, research analysts forecast that KNOT Offshore Partners will post 1.4 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings in KNOT Offshore Partners by 15.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,424,017 shares of the shipping company’s stock worth $19,025,000 after purchasing an additional 189,100 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in KNOT Offshore Partners by 19.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 904,946 shares of the shipping company’s stock worth $15,303,000 after purchasing an additional 146,072 shares in the last quarter. Morgan Stanley grew its holdings in shares of KNOT Offshore Partners by 10.7% in the 2nd quarter. Morgan Stanley now owns 332,715 shares of the shipping company’s stock valued at $6,648,000 after acquiring an additional 32,213 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of KNOT Offshore Partners by 9.3% in the 4th quarter. First Trust Advisors LP now owns 296,720 shares of the shipping company’s stock valued at $3,964,000 after acquiring an additional 25,131 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of KNOT Offshore Partners by 726.9% in the 3rd quarter. Goldman Sachs Group Inc. now owns 148,015 shares of the shipping company’s stock valued at $2,781,000 after acquiring an additional 130,116 shares in the last quarter. Hedge funds and other institutional investors own 26.12% of the company’s stock.

About KNOT Offshore Partners (Get Rating)

KNOT Offshore Partners LP owns, acquires, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, discharge, and storage of crude oil under time charters and bareboat charters. As of March 17, 2022, it operated a fleet of seventeen shuttle tankers.

Further Reading

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