Stock Worth Watching: Could KNOT Offshore Partners LP Change Direction After Achieving 52-Week High?

Stock Worth Watching: Could KNOT Offshore Partners LP Change Direction After Achieving 52 Week High?

The stock of KNOT Offshore Partners LP (NYSE:KNOP) hit a new 52-week high and has $32.49 target or 54.00% above today’s $21.10 share price. The 8 months bullish chart indicates low risk for the $592.40 million company. The 1-year high was reported on Oct, 17 by Barchart.com. If the $32.49 price target is reached, the company will be worth $319.90 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 23,274 shares traded hands. KNOT Offshore Partners LP (NYSE:KNOP) has risen 28.82% since March 14, 2016 and is uptrending. It has outperformed by 23.20% the S&P500.

Analysts await KNOT Offshore Partners LP (NYSE:KNOP) to report earnings on November, 2. They expect $0.42 EPS, down 16.00% or $0.08 from last year’s $0.5 per share. KNOP’s profit will be $11.79 million for 12.56 P/E if the $0.42 EPS becomes a reality. After $0.60 actual EPS reported by KNOT Offshore Partners LP for the previous quarter, Wall Street now forecasts -30.00% negative EPS growth.

KNOT Offshore Partners LP (NYSE:KNOP) Ratings Coverage

Out of 6 analysts covering KNOT Offshore Partners (NYSE:KNOP), 2 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 33% are positive. KNOT Offshore Partners has been the topic of 11 analyst reports since August 14, 2015 according to StockzIntelligence Inc. The firm has “Equal Weight” rating by Barclays Capital given on Monday, January 11. As per Friday, August 14, the company rating was maintained by Barclays Capital. On Tuesday, January 12 the stock rating was downgraded by Citigroup to “Neutral”. The stock of KNOT Offshore Partners LP (NYSE:KNOP) has “Outperform” rating given on Friday, August 14 by RBC Capital Markets. RBC Capital Markets maintained the stock with “Outperform” rating in Monday, February 22 report. The firm earned “Market Perform” rating on Tuesday, August 25 by Wells Fargo. The firm earned “Neutral” rating on Monday, July 11 by Citigroup. The stock of KNOT Offshore Partners LP (NYSE:KNOP) has “Equal-Weight” rating given on Wednesday, August 17 by Barclays Capital. The rating was downgraded by Clarkson Platou Securities to “Neutral” on Wednesday, October 14.

According to Zacks Investment Research, “KNOT Offshore Partners LP is engaged in owning, acquiring and operating shuttle tankers, designed to transport crude oil and condensates from offshore oil field installations to onshore terminals and refineries. KNOT Offshore Partners LP is based in Aberdeen, the United Kingdom.”

More notable recent KNOT Offshore Partners LP (NYSE:KNOP) news were published by: Businesswire.com which released: “KNOT Offshore Partners LP Announces Third Quarter 2016 Earnings Results …” on October 17, 2016, also Businesswire.com with their article: “KNOT Offshore Partners LP Announces Third Quarter 2016 Cash Distribution” published on October 13, 2016, Fool.com published: “Here’s Why Hornbeck Offshore Services, Tidewater Inc., and KNOT Offshore …” on January 10, 2016. More interesting news about KNOT Offshore Partners LP (NYSE:KNOP) were released by: Nasdaq.com and their article: “KNOT Offshore Partners LP (KNOP) Ex-Dividend Date Scheduled for August 01, 2016” published on July 29, 2016 as well as Seekingalpha.com‘s news article titled: “KNOT Offshore Partners LP Undeservedly Caught In A Perfect Storm” with publication date: January 29, 2016.

KNOP Company Profile

KNOT Offshore Partners LP (KNOT Offshore Partners or the Partnership), incorporated on February 21, 2013, owns, operates and shuttles tankers under long-term charters. The Partnership is formed for the purpose of acquiring ownership interests in over four shuttle tankers owned by Knutsen NYK Offshore Tankers AS (KNOT). It operates through the shuttle tanker market segment. The Partnership’s vessels in its fleet are chartered to Statoil ASA (Statoil), Petrobras Transporte S.A. (Transpetro), Repsol Sinopec Brasil, S.A. (Repsol), BG Group Plc (BG Group), ExxonMobil and Eni Trading and Shipping S.p.A. (ENI). The Firm has a fleet of approximately 10 shuttle tankers, including Fortaleza Knutsen, Recife Knutsen, Bodil Knutsen, Windsor Knutsen, Carmen Knutsen, Hilda Knutsen, Torill Knutsen, Dan Cisne, Dan Sabia and Ingrid Knutsen. KNOT Offshore Partners GP LLC is the general partner of the Partnership.

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