KNOT Offshore Partners (NYSE:KNOP) Rating Increased to Buy at Zacks Investment Research

KNOT Offshore Partners (NYSE:KNOP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $20.00 price objective on the shipping company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.80% 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. “

Shares of KNOT Offshore Partners stock traded up $0.22 during trading hours on Wednesday, hitting $18.05. The company’s stock had a trading volume of 60,427 shares, compared to its average volume of 129,695. KNOT Offshore Partners has a 12-month low of $11.86 and a 12-month high of $20.34. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.18 and a current ratio of 0.18. The business has a 50 day moving average price of $18.45 and a two-hundred day moving average price of $18.78. The company has a market cap of $594.01 million, a PE ratio of 9.03 and a beta of 1.36.

KNOT Offshore Partners (NYSE:KNOP) last issued its earnings results on Wednesday, August 25th. The shipping company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.91). KNOT Offshore Partners had a return on equity of 15.93% and a net margin of 23.59%. As a group, research analysts anticipate that KNOT Offshore Partners will post 2.45 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new stake in KNOT Offshore Partners during the second quarter worth approximately $27,000. Cutler Group LP bought a new stake in KNOT Offshore Partners during the second quarter worth approximately $38,000. Citigroup Inc. bought a new stake in KNOT Offshore Partners during the second quarter worth approximately $55,000. Sowell Financial Services LLC increased its stake in KNOT Offshore Partners by 292.5% during the first quarter. Sowell Financial Services LLC now owns 7,654 shares of the shipping company’s stock worth $147,000 after acquiring an additional 5,704 shares during the last quarter. Finally, Stifel Financial Corp bought a new position in shares of KNOT Offshore Partners during the first quarter valued at approximately $186,000. 21.13% of the stock is currently owned by institutional investors.

About KNOT Offshore Partners

KNOT Offshore Partners LP engages in the operation and acquisition of shuttle tankers under long-term charters. Its fleet consists of sixteen shuttle tankers, which are vessels designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. The company was founded on February 21, 2013 and is headquartered in Aberdeen, the United Kingdom.

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