Wall Street Zen Downgrades KNOT Offshore Partners (NYSE:KNOP) to Hold

KNOT Offshore Partners (NYSE:KNOP) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities research analysts have also issued reports about the company. Alliance Global Partners reiterated a “neutral” rating on shares of KNOT Offshore Partners in a research note on Monday, December 8th. B. Riley Financial raised KNOT Offshore Partners from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a research note on Friday, March 20th. Zacks Research lowered KNOT Offshore Partners from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of KNOT Offshore Partners in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, KNOT Offshore Partners has a consensus rating of “Hold” and an average target price of $14.00.

KNOT Offshore Partners Stock Up 3.9%

KNOP stock opened at $10.29 on Friday. The stock has a market capitalization of $350.41 million, a P/E ratio of 15.14 and a beta of -0.12. The firm has a 50-day simple moving average of $10.40 and a 200-day simple moving average of $9.92. The company has a quick ratio of 0.27, a current ratio of 0.26 and a debt-to-equity ratio of 1.07. KNOT Offshore Partners has a 52 week low of $5.45 and a 52 week high of $11.15.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in KNOT Offshore Partners by 2.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,227,035 shares of the shipping company’s stock worth $12,700,000 after acquiring an additional 32,369 shares during the last quarter. American Beacon Advisors Inc. grew its holdings in shares of KNOT Offshore Partners by 182.6% during the 4th quarter. American Beacon Advisors Inc. now owns 503,895 shares of the shipping company’s stock worth $5,215,000 after purchasing an additional 325,588 shares during the period. Millennium Management LLC increased its position in shares of KNOT Offshore Partners by 56.5% during the 4th quarter. Millennium Management LLC now owns 145,483 shares of the shipping company’s stock worth $1,506,000 after purchasing an additional 52,538 shares during the last quarter. Alpine Global Management LLC acquired a new stake in shares of KNOT Offshore Partners during the 4th quarter worth about $1,294,000. Finally, Trexquant Investment LP purchased a new stake in KNOT Offshore Partners in the 4th quarter valued at about $520,000. 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.