KNOT Offshore Partners (NYSE:KNOP) Director Trygve Seglem Buys 1,250,000 Shares of Stock

KNOT Offshore Partners LP (NYSE:KNOP) Director Trygve Seglem purchased 1,250,000 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $25,000,000.00. Following the completion of the transaction, the director owned 1,458,333 shares in the company, valued at approximately $29,166,660. This represents a 600.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

KNOT Offshore Partners Stock Performance

KNOP stock opened at $10.40 on Wednesday. The stock has a market capitalization of $350.20 million, a PE ratio of 19.27 and a beta of -0.06. KNOT Offshore Partners LP has a 12-month low of $6.16 and a 12-month high of $11.78. The company has a current ratio of 0.25, a quick ratio of 0.24 and a debt-to-equity ratio of 0.93. The stock’s 50 day simple moving average is $10.72 and its 200 day simple moving average is $10.50.

KNOT Offshore Partners (NYSE:KNOP) last released 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). The business had revenue of $92.01 million during the quarter, compared to the consensus estimate of $90.35 million. KNOT Offshore Partners had a net margin of 4.92% and a return on equity of 6.36%. As a group, research analysts forecast that KNOT Offshore Partners LP will post 0.14 earnings per share for the current fiscal year.

KNOT Offshore Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, April 27th were given a $0.05 dividend. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Monday, April 27th. This represents a $0.20 annualized dividend and a yield of 1.9%. KNOT Offshore Partners’s payout ratio is currently 37.04%.

Analyst Upgrades and Downgrades

KNOP has been the topic of several analyst reports. B. Riley Financial raised KNOT Offshore Partners from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a research report on Friday, March 20th. Weiss Ratings cut KNOT Offshore Partners from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Fearnley Fonds raised KNOT Offshore Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Finally, Wall Street Zen cut KNOT Offshore Partners from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, KNOT Offshore Partners currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Institutional Investors Weigh In On KNOT Offshore Partners

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada purchased a new stake in KNOT Offshore Partners during the 1st quarter valued at $25,000. Russell Investments Group Ltd. raised its stake in KNOT Offshore Partners by 115.0% during the 2nd 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 last quarter. Occudo Quantitative Strategies LP purchased a new stake in KNOT Offshore Partners during the 2nd quarter valued at $68,000. Osaic Holdings Inc. raised its stake in KNOT Offshore Partners by 220.3% during the 2nd quarter. Osaic Holdings Inc. now owns 16,557 shares of the shipping company’s stock valued at $104,000 after buying an additional 11,388 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new stake in KNOT Offshore Partners during the 4th quarter valued at $125,000. 26.82% of the stock is currently owned by hedge funds and other institutional investors.

KNOT Offshore Partners Company Profile

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.