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Knot Offshore Partners LP Up 5.38% To $5.29 After Earnings Beat

Thursday, August 31, 2023 01:15 PM | InvestorsObserver Analysts

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Knot Offshore Partners LP Up 5.38% To $5.29 After Earnings Beat

Knot Offshore Partners LP (KNOP) said after close Wednesday that it earned $0.28 per share in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $73.8 million, beating estimates by $2.5 million.

In the same quarter a year ago, the company earned $0.29 per share on revenue of $64 million.

The stock is up 5.38% to $5.29 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 43. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

KNOT Offshore Partners LP owns, operates, and shuttles tankers under long-term charters in the North Sea and Brazil. The company provides crude oil loading, transportation, and storage services under time charters and bareboat charters. The Partnership is formed for acquiring ownership interests in over four shuttle tankers owned by Knutsen NYK Offshore Tankers AS (KNOT). It operates through the shuttle tanker market segment.

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