Barclays analyst Theresa Chen maintained a Hold rating on KNOT Offshore Partners (KNOP) on March 14 and set a price target of $20. The company’s shares opened today at $19.33.
Chen commented:
“We note Shell had previously exercised its one-year option on the 2018, such that we do not necessarily interpret the suspension to have negative implications on the extension outlook at this time. 4Q details. KNOP reported adj. EBITDA of $55.4mm vs. our $53.5mm and consensus of $44.8mm. DCF of $27.3mm was also above our $24.7 mm estimate, primarily reflecting the above mentioned EBITDA beat. As expected, KNOP kept its cash distribution flat Q/Q at $0.52/unit, resulting in coverage of 1.51x (vs. Barclays 1.37x).”
According to TipRanks.com, Chen is a 2-star analyst with an average return of -0.1% and a 50.0% success rate. Chen covers the Basic Materials sector, focusing on stocks such as BP Midstream Partners LP, Andeavor Logistics LP, and Phillips 66 Partners.
KNOT Offshore Partners has an analyst consensus of Hold, with a price target consensus of $20.
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The company has a one-year high of $22.75 and a one-year low of $17.18. Currently, KNOT Offshore Partners has an average volume of 135.8K.
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KNOT Offshore Partners LP engages in the business of owning, operating and acquiring shuttle tankers under long-term charters. It intends to have a modern fleet of shuttle tankers that will operate under long-term charters with major oil and gas companies engaged in offshore production.
