Brokerages Set Knot Offshore Partners LP (KNOP) PT at $19.82
Knot Offshore Partners LP (NYSE:KNOP) has been assigned an average recommendation of “Hold” from the eight ratings firms that are covering the company. One equities research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $19.82.
KNOP has been the subject of several research reports. Wells Fargo & Co. initiated coverage on shares of Knot Offshore Partners in a report on Thursday, August 25th. They issued a “market perform” rating for the company. Zacks Investment Research upgraded shares of Knot Offshore Partners from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Tuesday, August 16th. Finally, Barclays PLC upped their price objective on shares of Knot Offshore Partners from $17.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 17th.
Knot Offshore Partners (NYSE:KNOP) opened at 22.25 on Wednesday. The stock has a market capitalization of $617.50 million, a PE ratio of 10.47 and a beta of 0.77. Knot Offshore Partners has a 12-month low of $9.68 and a 12-month high of $22.35. The company’s 50-day moving average is $20.81 and its 200 day moving average is $19.32.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Tuesday, November 1st were paid a $0.52 dividend. The ex-dividend date was Friday, October 28th. This represents a $2.08 annualized dividend and a dividend yield of 9.35%. Knot Offshore Partners’s payout ratio is 76.19%.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Cohen & Steers Inc. raised its position in shares of Knot Offshore Partners by 58,807.6% in the second quarter. Cohen & Steers Inc. now owns 8,836,145 shares of the company’s stock valued at $391,188,000 after buying an additional 8,821,145 shares during the last quarter. Advisory Research Inc. increased its stake in shares of Knot Offshore Partners by 1.4% in the second quarter. Advisory Research Inc. now owns 1,490,925 shares of the company’s stock valued at $27,672,000 after buying an additional 20,870 shares during the period. Duff & Phelps Investment Management Co. increased its stake in shares of Knot Offshore Partners by 21.8% in the third quarter. Duff & Phelps Investment Management Co. now owns 749,223 shares of the company’s stock valued at $15,651,000 after buying an additional 134,223 shares during the period. Green Square Capital LLC increased its stake in shares of Knot Offshore Partners by 3.4% in the third quarter. Green Square Capital LLC now owns 318,831 shares of the company’s stock valued at $6,660,000 after buying an additional 10,374 shares during the period. Finally, Morgan Stanley increased its stake in shares of Knot Offshore Partners by 8.2% in the third quarter. Morgan Stanley now owns 245,866 shares of the company’s stock valued at $5,137,000 after buying an additional 18,594 shares during the period. Institutional investors own 48.40% of the company’s stock.
About Knot Offshore Partners
KNOT Offshore Partners LP (KNOT Offshore Partners or the Partnership) owns, operates and shuttles tankers under long-term charters. The Partnership is formed for the purpose of acquiring ownership interests in over four shuttle tankers owned by Knutsen NYK Offshore Tankers AS (KNOT). It operates through the shuttle tanker market segment.
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