KNOT Offshore Partners LP (NYSE:KNOP) Increases Dividend to $0.07 Per Share

KNOT Offshore Partners LP (NYSE:KNOP) declared a quarterly dividend on Tuesday, July 7th. Shareholders of record on Monday, July 27th will be given a dividend of 0.075 per share by the shipping company on Thursday, August 13th. This represents a c) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, July 27th. This is a 50.0% increase from KNOT Offshore Partners’s previous quarterly dividend of $0.05.

KNOT Offshore Partners has decreased its dividend payment by an average of 0.5%annually over the last three years. KNOT Offshore Partners has a dividend payout ratio of 20.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect KNOT Offshore Partners to earn ($0.18) per share next year, which means the company may not be able to cover its $0.20 annual dividend with an expected future payout ratio of -111.1%.

KNOT Offshore Partners Stock Performance

Shares of NYSE:KNOP traded up $0.62 during trading hours on Tuesday, hitting $10.97. The stock had a trading volume of 113,300 shares, compared to its average volume of 109,005. The stock’s fifty day simple moving average is $10.72 and its 200 day simple moving average is $10.48. KNOT Offshore Partners has a 1-year low of $6.76 and a 1-year high of $11.78. The firm has a market capitalization of $369.32 million, a price-to-earnings ratio of 20.32 and a beta of -0.05. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.24 and a current ratio of 0.25.

KNOT Offshore Partners (NYSE:KNOP) last issued its quarterly earnings data on Thursday, May 28th. The shipping company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.09). KNOT Offshore Partners had a return on equity of 6.36% and a net margin of 4.92%.The business had revenue of $92.01 million for the quarter, compared to analyst estimates of $90.35 million. Sell-side analysts anticipate that KNOT Offshore Partners will post 0.14 earnings per share for the current fiscal year.

Insider Activity at KNOT Offshore Partners

In other news, Director Trygve Seglem acquired 1,250,000 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $25,000,000.00. Following the completion of the acquisition, the director directly owned 1,458,333 shares in the company, valued at $29,166,660. This represents a 600.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Hedge Funds Weigh In On KNOT Offshore Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada acquired a new stake in shares of KNOT Offshore Partners in the first quarter worth $25,000. Russell Investments Group Ltd. raised its position in KNOT Offshore Partners by 115.0% during the second quarter. Russell Investments Group Ltd. now owns 9,042 shares of the shipping company’s stock valued at $58,000 after buying an additional 4,836 shares during the period. Occudo Quantitative Strategies LP purchased a new stake in KNOT Offshore Partners in the 2nd quarter worth about $68,000. Osaic Holdings Inc. lifted its stake in KNOT Offshore Partners by 220.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock worth $104,000 after acquiring an additional 11,388 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in KNOT Offshore Partners during the 4th quarter worth about $125,000. 26.82% of the stock is currently owned by hedge funds and other 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.