B. Riley Financial Upgrades KNOT Offshore Partners (NYSE:KNOP) to Buy

KNOT Offshore Partners (NYSE:KNOP) was upgraded by equities research analysts at B. Riley Financial from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm presently has a $14.00 price target on the shipping company’s stock. B. Riley Financial’s target price would suggest a potential upside of 53.11% from the company’s current price.

A number of other research analysts have also recently commented on the company. Alliance Global Partners reaffirmed a “neutral” rating on shares of KNOT Offshore Partners in a research note on Monday, December 8th. Zacks Research lowered shares of KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of KNOT Offshore Partners in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $14.00.

KNOT Offshore Partners Price Performance

KNOT Offshore Partners stock opened at $9.14 on Friday. KNOT Offshore Partners has a 52 week low of $5.45 and a 52 week high of $11.15. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.27 and a current ratio of 0.28. The stock has a fifty day moving average of $10.46 and a 200-day moving average of $9.87. The stock has a market capitalization of $311.26 million, a P/E ratio of 5.90 and a beta of -0.12.

Hedge Funds Weigh In On KNOT Offshore Partners

A number of large investors have recently modified their holdings of KNOP. Renaissance Technologies LLC increased its position in shares of KNOT Offshore Partners by 2.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,227,035 shares of the shipping company’s stock worth $12,700,000 after acquiring an additional 32,369 shares in the last quarter. American Beacon Advisors Inc. boosted its stake in KNOT Offshore Partners by 182.6% during the 4th quarter. American Beacon Advisors Inc. now owns 503,895 shares of the shipping company’s stock valued at $5,215,000 after purchasing an additional 325,588 shares during the last quarter. Millennium Management LLC boosted its stake in KNOT Offshore Partners by 56.5% during the 4th quarter. Millennium Management LLC now owns 145,483 shares of the shipping company’s stock valued at $1,506,000 after purchasing an additional 52,538 shares during the last quarter. Alpine Global Management LLC bought a new stake in KNOT Offshore Partners during the 4th quarter worth approximately $1,294,000. Finally, Trexquant Investment LP bought a new stake in KNOT Offshore Partners during the 4th quarter worth approximately $520,000. 26.82% of the stock is currently owned by institutional investors.

About KNOT Offshore Partners

KNOT Offshore Partners LP is a publicly traded limited partnership formed in 2013 to own and operate shuttle tankers under long‐term charters in the offshore oil industry. Listed on the New York Stock Exchange under the symbol KNOP, the partnership specializes in the transportation of crude oil from offshore production facilities to onshore refineries. Its fleet comprises moderne shuttle tankers equipped with dynamic positioning systems, enabling safe transfer operations in harsh weather and sea conditions.

The partnership’s vessels primarily serve fields in the North Sea, Brazil and West Africa, where they operate under multi‐year contracts with major energy producers.