KNOT Offshore Partners (NYSE:KNOP) Stock Price Breaks Below 200-Day Moving Average – Here’s What Happened

KNOT Offshore Partners LP (NYSE:KNOP)’s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $10.60 and traded as low as $10.60. KNOT Offshore Partners shares last traded at $10.67, with a volume of 30,013 shares.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of KNOT Offshore Partners in a report on Wednesday, July 29th. Wall Street Zen raised shares of KNOT Offshore Partners from a “sell” rating to a “hold” rating in a report on Sunday, September 6th. Finally, Zacks Research upgraded KNOT Offshore Partners from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, KNOT Offshore Partners currently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

KNOT Offshore Partners Trading Down 1.1%

The firm has a market cap of $355.79 million, a P/E ratio of 24.02 and a beta of -0.05. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.34 and a quick ratio of 0.33. The stock has a 50 day moving average of $10.79 and a 200 day moving average of $10.60.

KNOT Offshore Partners (NYSE:KNOP) last issued its quarterly earnings results on Friday, August 14th. The shipping company reported $0.05 EPS for the quarter. The business had revenue of $96.78 million for the quarter. KNOT Offshore Partners had a net margin of 3.90% and a return on equity of 5.73%. As a group, equities research analysts predict that KNOT Offshore Partners LP will post 0.22 EPS for the current year.

KNOT Offshore Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, July 27th were given a $0.0750 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, July 27th. This is a boost from KNOT Offshore Partners’s previous quarterly dividend of $0.05. KNOT Offshore Partners’s dividend payout ratio is 68.18%.

Institutional Trading of KNOT Offshore Partners

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada purchased a new position in shares of KNOT Offshore Partners in the first quarter worth about $25,000. Fifth Lane Capital LP bought a new position in KNOT Offshore Partners during the 4th quarter worth approximately $167,000. ING Groep NV purchased a new position in KNOT Offshore Partners in the 4th quarter worth approximately $205,000. Walleye Capital LLC purchased a new position in KNOT Offshore Partners in the 1st quarter worth approximately $259,000. Finally, Janney Montgomery Scott LLC bought a new stake in KNOT Offshore Partners in the first quarter valued at approximately $643,000. 26.82% of the stock is currently owned by hedge funds and other institutional investors.

KNOT Offshore Partners Company Profile

KNOT Offshore Partners LP (NYSE:KNOP) is a publicly traded master limited partnership that owns and operates shuttle tankers. These specialized vessels transport crude oil from offshore production facilities, such as floating production, storage and offloading units, to onshore terminals, refineries, or other destinations.

The partnership’s fleet is primarily employed under long-term charter contracts with energy companies and offshore producers. Its shuttle tankers are designed for repeated loading and transportation of crude oil in offshore environments and may use dynamic positioning and other specialized systems to safely connect with production and storage vessels.

KNOT Offshore Partners was established in 2013 and is sponsored by Knutsen NYK Offshore Tankers AS, a company associated with the Knutsen shipping group and NYK Line.