StockNews.com Upgrades KNOT Offshore Partners (NYSE:KNOP) to Buy

KNOT Offshore Partners (NYSE:KNOP) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

KNOT Offshore Partners Price Performance

NYSE:KNOP traded down $0.14 during mid-day trading on Thursday, reaching $6.61. 41,100 shares of the company were exchanged, compared to its average volume of 93,214. The company has a quick ratio of 0.72, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The stock has a market cap of $224.87 million, a PE ratio of -8.69 and a beta of 0.75. KNOT Offshore Partners has a 12 month low of $4.94 and a 12 month high of $9.11. The company has a fifty day moving average of $6.95 and a 200 day moving average of $6.52.

KNOT Offshore Partners (NYSE:KNOP) last released its quarterly earnings results on Tuesday, September 3rd. The shipping company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.25). KNOT Offshore Partners had a net margin of 0.66% and a return on equity of 2.84%. The company had revenue of $74.42 million for the quarter, compared to the consensus estimate of $69.84 million. During the same period last year, the company earned $0.27 earnings per share. On average, research analysts anticipate that KNOT Offshore Partners will post 0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On KNOT Offshore Partners

Several institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC grew its holdings in KNOT Offshore Partners by 3.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,311,017 shares of the shipping company’s stock worth $11,498,000 after acquiring an additional 41,100 shares during the period. Marshall Wace LLP boosted its position in shares of 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 purchasing an additional 87,283 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of KNOT Offshore Partners during the second quarter worth $229,000. Finally, ORG Partners LLC bought a new stake in KNOT Offshore Partners in the first quarter valued at about $37,000. Institutional investors and hedge funds own 26.82% of the company’s stock.

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.