KNOT Offshore Partners LP (NYSE:KNOP) Sees Large Decline in Short Interest

KNOT Offshore Partners LP (NYSE:KNOP) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 235,000 shares, a drop of 37.9% from the November 30th total of 378,400 shares. Approximately 1.0% of the shares of the company are sold short. Based on an average trading volume of 80,000 shares, the short-interest ratio is presently 2.9 days.

Institutional Trading of KNOT Offshore Partners

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP increased its holdings in shares of KNOT Offshore Partners by 297.5% during the 2nd quarter. Marshall Wace LLP now owns 116,623 shares of the shipping company’s stock worth $1,023,000 after buying an additional 87,283 shares during the last quarter. Renaissance Technologies LLC grew its position in KNOT Offshore Partners by 3.2% during the second quarter. Renaissance Technologies LLC now owns 1,311,017 shares of the shipping company’s stock valued at $11,498,000 after acquiring an additional 41,100 shares during the period. JPMorgan Chase & Co. increased its stake in KNOT Offshore Partners by 7.7% during the third quarter. JPMorgan Chase & Co. now owns 442,332 shares of the shipping company’s stock worth $3,030,000 after acquiring an additional 31,792 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of KNOT Offshore Partners in the 2nd quarter worth about $229,000. 26.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised KNOT Offshore Partners from a “hold” rating to a “buy” rating in a research report on Friday, December 6th.

KNOT Offshore Partners Stock Performance

Shares of KNOP opened at $5.41 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.44 and a debt-to-equity ratio of 1.52. KNOT Offshore Partners has a 52-week low of $4.94 and a 52-week high of $9.11. The company has a 50-day simple moving average of $5.92 and a 200-day simple moving average of $6.74. The company has a market capitalization of $185.55 million, a PE ratio of -12.58 and a beta of 0.74.

KNOT Offshore Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Monday, October 28th were given a dividend of $0.026 per share. The ex-dividend date of this dividend was Monday, October 28th. This represents a $0.10 annualized dividend and a dividend yield of 1.92%. KNOT Offshore Partners’s dividend payout ratio is currently -23.26%.

KNOT Offshore Partners Company Profile

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.