KNOT Offshore Partners (NYSE:KNOP) Cut to “Hold” at StockNews.com

StockNews.com cut shares of KNOT Offshore Partners (NYSE:KNOP) from a buy rating to a hold rating in a research note released on Wednesday morning.

KNOT Offshore Partners Price Performance

KNOT Offshore Partners stock opened at $6.97 on Wednesday. The stock has a market cap of $237.29 million, a price-to-earnings ratio of -9.17 and a beta of 0.75. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.57. The business has a 50-day simple moving average of $7.34 and a 200 day simple moving average of $6.35. KNOT Offshore Partners has a 52 week low of $4.94 and a 52 week high of $9.11.

KNOT Offshore Partners (NYSE:KNOP) last issued its quarterly earnings data on Tuesday, September 3rd. The shipping company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.25). The business had revenue of $74.42 million for the quarter, compared to analysts’ expectations of $69.84 million. KNOT Offshore Partners had a positive return on equity of 4.57% and a negative net margin of 8.64%. During the same period in the previous year, the firm posted $0.27 EPS. On average, research analysts forecast that KNOT Offshore Partners will post -0.07 earnings per share for the current fiscal year.

KNOT Offshore Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 8th. Investors of record on Monday, July 29th were paid a $0.026 dividend. The ex-dividend date of this dividend was Monday, July 29th. This represents a $0.10 dividend on an annualized basis and a yield of 1.49%. KNOT Offshore Partners’s dividend payout ratio is presently -13.16%.

Hedge Funds Weigh In On KNOT Offshore Partners

Institutional investors have recently modified their holdings of the company. Marshall Wace LLP lifted its position in KNOT Offshore Partners by 297.5% in the 2nd quarter. Marshall Wace LLP now owns 116,623 shares of the shipping company’s stock worth $1,023,000 after buying an additional 87,283 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of KNOT Offshore Partners by 3.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,311,017 shares of the shipping company’s stock valued at $11,498,000 after purchasing an additional 41,100 shares in the last quarter. Jump Financial LLC bought a new position in shares of KNOT Offshore Partners during the 4th quarter valued at $153,000. Cubist Systematic Strategies LLC purchased a new position in KNOT Offshore Partners in the 2nd quarter worth $229,000. Finally, Valeo Financial Advisors LLC bought a new stake in KNOT Offshore Partners in the first quarter worth $57,000. 26.82% of the stock is currently owned by institutional investors.

About KNOT Offshore Partners

KNOT Offshore Partners LP acquires, owns, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, and discharge of crude oil under time charters and bareboat charters. The company was founded in 2013 and is headquartered in Aberdeen, the United Kingdom.