Shares of KNOT Offshore Partners LP (NYSE: KNOP) currently hold a consensus rating of “Hold” from five equity research firms monitoring the company, according to MarketBeat. This assessment comes as several analysts have recently adjusted their ratings on the stock, reflecting a cautious outlook on the company’s performance.
On February 5, 2024, Zacks Research downgraded KNOT Offshore Partners from a “strong-buy” to a “hold” rating. This was followed by a similar downgrade from B. Riley Financial on November 3, 2023. The firm had previously rated the stock as a “strong-buy.” Additional adjustments include a rating reduction from “strong-buy” to “buy” by Wall Street Zen on November 9, 2023, and a reaffirmation of a “neutral” rating by Alliance Global Partners on December 8, 2023. Notably, Fearnley Fonds also lowered its rating to “hold” on November 3, 2023.
KNOT Offshore Partners recently reported its quarterly earnings on December 4, 2023. The company announced earnings of $0.45 per share (EPS), significantly exceeding analysts’ consensus estimate of $0.13 by $0.32. This positive result reflects a net margin of 14.69% and a return on equity of 9.00%. The reported revenue stood at $96.87 million, surpassing analyst expectations of $88.12 million.
Dividend Announcement and Shareholder Returns
In addition to its earnings results, KNOT Offshore Partners declared a quarterly dividend, which was disbursed on February 5, 2024. Shareholders recorded on January 26, 2024, received a dividend of $0.026 per share. This equates to an annualized dividend of $0.10, offering a yield of 1.0%. The company’s payout ratio stands at 6.45%, indicating a prudent approach to shareholder returns.
Institutional Investor Activity
Changes in institutional holdings have also been noteworthy. Renaissance Technologies LLC increased its stake in KNOT Offshore Partners by 2.7% during the fourth quarter, now holding 1,227,035 shares valued at approximately $12.7 million. Meanwhile, American Beacon Advisors Inc. raised its position by 182.6%, acquiring an additional 325,588 shares to reach a total of 503,895 shares worth $5.2 million.
Similarly, Millennium Management LLC expanded its holdings by 56.5%, now owning 145,483 shares valued at $1.5 million. Other institutional investors, such as Trexquant Investment LP and GSA Capital Partners LLP, have also made strategic adjustments to their investments in the company.
Overall, approximately 26.82% of KNOT Offshore Partners’ stock is held by institutional investors, reflecting a diverse interest in the company from the investment community.
About KNOT Offshore Partners
KNOT Offshore Partners LP, established in 2013, operates as a publicly traded limited partnership focused on owning and operating shuttle tankers under long-term charters in the offshore oil sector. The company specializes in transporting crude oil from offshore production sites to onshore refineries.
Listed on the New York Stock Exchange under the symbol KNOP, KNOT Offshore Partners boasts a modern fleet equipped with advanced dynamic positioning systems, enabling safe and efficient operations even in challenging weather conditions. Its vessels primarily serve fields in the North Sea, Brazil, and West Africa, operating under multi-year contracts with leading energy producers.
As KNOT Offshore Partners navigates a complex market environment, the recent ratings and performance metrics will be closely monitored by investors and analysts alike.
