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KNOT Offshore Partners LPNYSE:KNOP 주식 보고서

시가총액 US$398.4m
주가
US$11.46
US$10
14.6% 고평가 내재 할인율
1Y81.9%
7D7.0%
1D
포트폴리오 가치
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KNOT Offshore Partners LP

NYSE:KNOP 주식 리포트

시가총액: US$398.4m

KNOT Offshore Partners (KNOP) 주식 개요

KNOT Offshore Partners LP는 자회사와 함께 영국과 브라질에서 셔틀 유조선을 인수, 소유 및 운영하고 있습니다. 자세히 보기

KNOP 펀더멘털 분석
스노우플레이크 점수
가치 평가2/6
미래 성장3/6
과거 실적3/6
재무 건전성1/6
배당3/6

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KNOT Offshore Partners LP 경쟁사

가격 이력 및 성과

KNOT Offshore Partners 주가의 최고가, 최저가 및 변동 요약
과거 주가
현재 주가US$11.46
52주 최고가US$11.78
52주 최저가US$6.16
베타-0.082
1개월 변동12.57%
3개월 변동10.51%
1년 변동81.90%
3년 변동138.75%
5년 변동-39.62%
IPO 이후 변동-47.41%

최근 뉴스 및 업데이트

내러티브 업데이트 Apr 23

KNOP: Higher Future P/E Assumptions Will Support More Constructive Unit Outlook

Analysts have raised their price target on KNOT Offshore Partners from $10.00 to $14.50, citing updated assumptions around discount rates, revenue trends, margins, and a higher future P/E multiple following recent upgrades at Fearnley and B. Riley.
내러티브 업데이트 Apr 08

KNOP: Fair Value View Will Depend On Cancelled US$10 Offer And Payout Review

Analysts have lifted their price target on KNOT Offshore Partners to $10.00, citing updated assumptions on discount rate, revenue trends, profit margin expectations, and a higher future P/E multiple that together support a revised view of fair value. Analyst Commentary While the updated price target of US$10.00 reflects revised assumptions, not all research views are uniformly constructive.
Seeking Alpha Apr 03

Knot Offshore Partners LP Common: Focus On The Expected Recovery

Summary Knot Offshore Partners LP (KNOP) remains a strong buy as the offshore industry recovery is in its early stages. KNOP's recent private offer signals a significant market undervaluation compared to insider expectations of future earnings improvement. The cyclical nature of KNOP's business means past performance is not a reliable predictor. KNOP is an out-of-favor stock in a frothy market. Future valuation hinges on industry standing at recovery "when we get there". Read the full article on Seeking Alpha
내러티브 업데이트 Mar 25

KNOP: Fair Value View Will Hinge On Cancelled US$10 Buyout Outcome

Analysts have raised their price target on KNOT Offshore Partners to a fair value estimate of $10.00, based on assumptions that include a lower discount rate, more modest revenue growth, a higher profit margin, and a reduced future P/E multiple. Analyst Commentary Recent research commentary around KNOT Offshore Partners has focused heavily on the gap between current trading levels and the updated fair value estimate of US$10.00, as well as the assumptions required to support that figure.

Recent updates

내러티브 업데이트 Apr 23

KNOP: Higher Future P/E Assumptions Will Support More Constructive Unit Outlook

Analysts have raised their price target on KNOT Offshore Partners from $10.00 to $14.50, citing updated assumptions around discount rates, revenue trends, margins, and a higher future P/E multiple following recent upgrades at Fearnley and B. Riley.
내러티브 업데이트 Apr 08

KNOP: Fair Value View Will Depend On Cancelled US$10 Offer And Payout Review

Analysts have lifted their price target on KNOT Offshore Partners to $10.00, citing updated assumptions on discount rate, revenue trends, profit margin expectations, and a higher future P/E multiple that together support a revised view of fair value. Analyst Commentary While the updated price target of US$10.00 reflects revised assumptions, not all research views are uniformly constructive.
Seeking Alpha Apr 03

Knot Offshore Partners LP Common: Focus On The Expected Recovery

Summary Knot Offshore Partners LP (KNOP) remains a strong buy as the offshore industry recovery is in its early stages. KNOP's recent private offer signals a significant market undervaluation compared to insider expectations of future earnings improvement. The cyclical nature of KNOP's business means past performance is not a reliable predictor. KNOP is an out-of-favor stock in a frothy market. Future valuation hinges on industry standing at recovery "when we get there". Read the full article on Seeking Alpha
내러티브 업데이트 Mar 25

KNOP: Fair Value View Will Hinge On Cancelled US$10 Buyout Outcome

Analysts have raised their price target on KNOT Offshore Partners to a fair value estimate of $10.00, based on assumptions that include a lower discount rate, more modest revenue growth, a higher profit margin, and a reduced future P/E multiple. Analyst Commentary Recent research commentary around KNOT Offshore Partners has focused heavily on the gap between current trading levels and the updated fair value estimate of US$10.00, as well as the assumptions required to support that figure.
내러티브 업데이트 Mar 10

KNOP: Stable Assumptions And Modest Input Tweaks Will Support Fair Value Outlook

Analysts have modestly adjusted their price target on KNOT Offshore Partners to $10.00, citing small changes in inputs such as the discount rate and future P/E assumption, while keeping fair value steady at $10.00. Valuation Changes Fair Value: Held steady at $10.00, with no change in the model outcome.
내러티브 업데이트 Feb 24

KNOP: Completed Unit Buybacks Will Support Steady Outlook For Fairly Valued Units

Analysts have kept their price target for KNOT Offshore Partners steady at $10.00. They point to only very small tweaks in their discount rate, revenue growth assumptions and future P/E estimates, which leave their overall valuation view unchanged.
내러티브 업데이트 Feb 10

KNOP: Completed Buyback Tranche Will Frame Steady Outlook For Fairly Valued Units

Analysts have maintained their price target for KNOT Offshore Partners at US$10.00. This reflects only very small adjustments to inputs such as the discount rate, revenue growth and future P/E assumptions, rather than any change in their core view.
내러티브 업데이트 Jan 27

KNOP: Takeover Proposal And Neutral Downgrade Will Frame Fairly Valued Units

Narrative update on KNOT Offshore Partners Analysts have trimmed their price target on KNOT Offshore Partners to US$10 from US$15. The reset is largely tied to the company’s takeover proposal from Knutsen NYK Offshore Tankers and a slightly higher discount rate and P/E input in updated models.
내러티브 업데이트 Jan 12

KNOP: Takeover Proposal And Downgrade Will Guide Fairly Valued Units

Analysts cut their price target on KNOT Offshore Partners to US$10 from US$15, citing the recent takeover proposal from Knutsen NYK Offshore Tankers as a key reason for the more cautious stance. Analyst Commentary Recent research reflects a more cautious stance on KNOT Offshore Partners after the takeover proposal at a US$10 reference level, with the shift in rating to Neutral aligning with the revised price target.
내러티브 업데이트 Dec 17

KNOP: Takeover Proposal And Downgrade Will Shape Future Unit Performance

Analysts have lowered their price target on KNOT Offshore Partners to $10.00 from $15.00, citing the recent takeover proposal as well as adjusted expectations for future growth and valuation multiples. Analyst Commentary Bullish Takeaways Bullish analysts view the $10 price target as supported by the proposed takeover, which provides a clearer valuation floor and reduces downside risk.
내러티브 업데이트 Dec 02

KNOP: Takeover Bid And Downgrade Will Influence Future Performance

KNOT Offshore Partners’ analyst price target has been reduced from $15.00 to $10.00, as analysts cite the recent takeover proposal as a key factor in adjusting expectations. Analyst Commentary Following the recent developments surrounding the takeover proposal for KNOT Offshore Partners, analysts have provided a range of perspectives reflecting both optimism and caution about the company's future outlook and valuation.
내러티브 업데이트 Nov 18

KNOP: Takeover Proposal And Margin Pressures Will Shape Outlook

Analysts have modestly raised their price target for KNOT Offshore Partners to $10.67 from $10.30. They cite recent takeover developments, as well as downward revisions in projected profit margins and future earnings multiples, as key factors in their updated assessment.
내러티브 업데이트 Nov 04

KNOP: Takeover Proposal And Improved Margins Will Shape Future Prospects

KNOT Offshore Partners' analyst price target was lowered from approximately $12 to $10. This change reflects analysts' concerns over the recent takeover proposal and a shift in underlying financial expectations.
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새로운 내러티브 Jun 02

Brazil Deepwater Offshore Production Will Drive Shuttle Tanker Demand

Robust demand for offshore oil transport and limited alternative infrastructure ensure stable revenue and high vessel utilization for KNOT's modern shuttle tanker fleet.
Seeking Alpha Mar 21

KNOT Offshore Partners: Decent Quarter But Prospects Remain Muted

Summary KNOT Offshore Partners reported fourth quarter and full year 2024 results well ahead of expectations. While results were boosted by a number of one-time gains, the recent addition of a modern Suezmax tanker and new, higher-margin contract commencements contributed to the outperformance. While the partnership is facing substantial near-term debt maturities, the company should be able to extend or refinance existing facilities. The shuttle tanker order book for Brazil has effectively doubled in recent months, thus putting a number of the partnership's older vessels at risk of being crowded out of this market. With the distribution likely to remain at subdued levels for the foreseeable future and an acquisition by parent Knutsen NYK rather unlikely, the common units continue to lack major catalysts. Reiterating "Hold" rating. Read the full article on Seeking Alpha
Seeking Alpha Dec 10

KNOT Offshore Partners: No Visible Near-Term Catalysts - Hold

Summary Leading shuttle tanker operator KNOT Offshore Partners reported mixed Q3/2024 with the company's bottom line impacted by derivative losses and inflationary pressures on operating expenses. A recent vessel swap with parent Knutsen NYK resulted in backlog and estimated average daily time charter rate increasing to new multi-year highs. However, a combination of heavy debt amortization requirements and near-term refinancing needs are likely to result in quarterly distributions remaining at current levels for the time being. While the Brazilian shuttle tanker market has tightened, an expected influx of modern tonnage might crowd out some of the partnership's older vessels over time. Given the lack of near-term catalysts, I am reiterating my "Hold" rating on KNOT Offshore Partners' common units. Read the full article on Seeking Alpha
Seeking Alpha Nov 28

KNOT Offshore Partners: The Outlook For Higher Distributions

Summary KNOT Offshore Partners faces significant debt maturities in 2025 and 2026. Despite generating free cash flow, KNOP is still likely to have a large shortfall that needs to be refinanced. Their dry dockings in 2025 and 2026 are likely to modestly weaken financial performance versus 2024. Higher distributions are unlikely until their 2025 and 2026 debt maturities are resolved, but there are still further ones in 2027 and 2028 that could also hinder their prospects. Since this appears likely to be a prolonged wait, I will be remaining on the sidelines indefinitely. Read the full article on Seeking Alpha
Seeking Alpha Sep 04

KNOT Offshore Partners: Solid Q2 But Going Private Deal Growing Unlikely - Hold

Summary Adjusted for a $16.4 million non-cash impairment charge related to its MR shuttle tankers, KNOT Offshore Partners LP delivered solid Q2 2024 results. After cutting common unit distributions by 95% in January 2023, net debt decreased for a sixth consecutive quarter to approximately $845 million. While contracting activity wasn't great, the company managed to negotiate a favorable asset swap transaction with parent Knutsen NYK Offshore Tankers. However, the agreement makes a near-term going private proposal by the parent highly unlikely, as there would have been no need for the transaction otherwise. With the North Sea market still weak and common unit distributions likely to remain at current levels for now, I don't see any compelling reason for opening new or adding to existing positions here. Read the full article on Seeking Alpha
Seeking Alpha May 31

KNOT Offshore Partners: Slow Progress Continues - Hold

Summary Last week, leading shuttle tanker operator KNOT Offshore Partners LP reported rather stable first quarter results, with increased revenues somewhat offset by higher operating expenses. The company generated $27.9 million in cash from operations and finished the quarter with $50.2 million in cash and cash equivalents and $925.3 million in debt. After the end of the quarter, the company secured two new long-term contracts in the North Sea and Brazil, which should lift the backlog quite meaningfully going forward. However, the company remains highly levered and continues to face uncertainties in both the North Sea and Brazil markets. With no major near-term catalysts in sight, I am reiterating my "Hold" rating on the common units. Read the full article on Seeking Alpha
Seeking Alpha Feb 27

KNOT Offshore Partners: Some Progress But Outlook Just Got More Clouded

Summary Leading shuttle tanker operator KNOT Offshore Partners LP reported stable fourth quarter results with solid cash generation. After cutting common unit distributions by 95% in January 2023, net debt decreased for a fourth consecutive quarter to just below $900 million at the end of Q4. During the quarter, the company secured an important contract extension for the shuttle tanker Carmen Knutsen in Brazil. However, the recent flurry of newbuild orders has impacted long-term prospects for the company's aging fleet. With no clear catalysts in sight, I am reiterating my "Hold" rating on KNOT Offshore Partners common units. Read the full article on Seeking Alpha
Seeking Alpha Dec 14

KNOT Offshore Partners: No Distribution Increase Anytime Soon - Hold

Summary KNOT Offshore Partners LP reported stable Q3 results, but profitability and cash generation remain impacted by special survey requirements, higher interest rates, and ongoing weakness in the North Sea market. After signing additional contracts for a number of vessels, 2024 charter coverage now stands at 70%. However, the company has failed to secure follow-on work for two MR-size shuttle tankers, which consequently will be redelivered within the next few weeks and might end up being sold. As management continues to focus on building liquidity, common unit distributions are likely to remain unchanged for the time being. KNOT Offshore Partners continues to face near-term issues in both the North Sea and Brazil. However, with the medium- to long-term industry outlook remaining constructive, I am reiterating my "Hold" rating on the common units. Read the full article on Seeking Alpha
Seeking Alpha Aug 31

KNOT Offshore Partners: More Bad News

Summary Leading shuttle tanker operator reports mediocre Q2 results with profitability and cash generation again impacted by scheduled dry dockings, increased interest expense, and ongoing weakness in the North Sea. Absent any major new developments on the chartering front during the quarter, total contracted revenue of $620 million was down approximately 10% sequentially. Limited prospects for the smaller shuttle tankers Dan Sabia and Dan Cisne resulted in the requirement to take a $49.6 million impairment charge. As the long-term outlook for the shuttle tanker market has improved in recent quarters, I continue to expect parent Knutsen NYK to make a move for the partnership after the dust from the recent distribution cut has settled. With the North Sea markets expected to remain weak for the time being and a potential bid by the parent likely still several quarters in the future, I continue to see little reason for investors to own the common units at this point. Read the full article on Seeking Alpha
Seeking Alpha Aug 16

KNOT Offshore Partners: Main Concerns Regarding Leverage And Liquidity

Summary KNOT Offshore Partners LP faces concerns over debt maturities and high debt levels, impacting its financial outlook. The Partnership has successfully secured credit facilities and new charter contracts, reducing the risk of losing assets. The market outlook for crude tankers is positive, with expected growth in supply and demand, and upward pressure on oil prices in the second half of 2023. Read the full article on Seeking Alpha
Seeking Alpha May 30

KNOT Offshore Partners: Progress On The Refinancing Front But Concerns Remain

Summary Leading shuttle tanker operator reported another set of mediocre quarterly results with profitability and cash generation impacted by scheduled dry dockings, increased interest expense, and weakness in the North Sea markets. While the company made important progress in refinancing upcoming debt maturities, contracting delays required altering its initial plans. Failure to secure follow-on work for the company's two smallest vessels later this year would almost certainly result in renewed pressure on the unit price. With the long-term outlook for the shuttle tanker market having improved in recent quarters, I continue to expect parent Knutsen NYK to make a move for the partnership after the dust from the recent distribution cut has settled. With weakness in the North Sea markets expected to persist for at least the remainder of the year and a potential bid from the parent company still several quarters in the future, there appears to be very little reason for investors to initiate new positions at this time. Read the full article on Seeking Alpha
Seeking Alpha Jan 19

KNOT Offshore Partners: 3 Reasons Not To Jump Aboard This Ship

Summary KNOT Offshore Partners recently cut their distributions by 95%, which management blames on their lack of future earnings visibility in 2023. Worryingly, 2024 and beyond sees even less earnings visibility and thus as it stands right now, this is not merely a blip on the radar. Even worse, they are still very close to breaching their debt covenant and thus, it keeps downside risks elevated. To fully remove this risk, they need to deleverage but based upon my estimates from the data presently available, this could take upwards of five years. These form three reasons not to jump aboard and thus, I am only upgrading my rating to hold from sell, despite their otherwise large unit price losses. Introduction Well, the last week will certainly not be one the unitholders of KNOT Offshore Partners (KNOP) will soon forget, as much to their displeasure their once very desirable distributions were cut. Whilst their distributions did not quite fall to zero as my previous article warned was possible, I am sure the 95% cut feels almost identical for their unitholders. Seeing as their unit price subsequently lost more than 40% of its value in merely days, it seems the market was not fully pricing this outcome. Following this brutal sell-off, I would like to quickly follow up with three reasons not to jump aboard this ship, ahead of reviewing their results for the fourth quarter of 2022 that are presently about one month away. Reason One Since their backstory is already well discussed throughout previous articles, both from myself and those from other authors, it seems best to jump straight into new content, if any new readers are interested in further details, please refer to my library of articles. The first reason not to jump aboard this ship relates to their future earnings outlook or perhaps I should say, the lack of it. When cutting their distributions, management flagged their “lack” of “forward visibility on earnings” as one of the primary reasons, which is definitively valid and apt. Although more worryingly, their visibility for earnings in future years is not looking any better and if anything, it appears even more uncertain and thus raises the prospects of a prolonged and painful road to recovery. KNOT Offshore Partners Third Quarter Of 2022 Results Presentation When looking at their latest charter backlog, the gap in 2023 is easily apparent and thus was already discussed within my previously linked articles. More so, right now the greater concern relates to 2024 that sees even fewer charter contracts for their vessels, thereby making it more likely to see a larger black hole in their work. Whilst yes, they are likely to fill some of these gaps as 2023 progresses, as it presently stands, I count seven of their total eighteen vessels without charter contracts. Plus, a further three only carry the option for the charterer, not a firm commitment; being the “Windsor”, the “Carmen” and the “Anna”. Given the present soft operating conditions they face, it raises the prospects of struggling to plug most of these gaps with charter contracts that are sufficiently attractive, even if they can manage to find any work. Quite unsurprisingly, this outlook does not strengthen even when looking further afield into 2025 and beyond with more vessels ending their charter contracts. I am not suggesting they cannot necessarily turn a profit, although it may be quite difficult, more so I am highlighting this is not simply a blip on the radar due to a little unfortunate luck but rather, a structural issue that presently sees no end in sight. Reason Two Whilst their lack of earnings visibility is certainly concerning, I nevertheless feel the bigger risk that ultimately pushed their hands to cut the distributions was their debt covenant, which they risk breaching if they do not take action. When conducting the previous analysis, this was highlighted as the primary reason why I expected their distributions to be cut and importantly, it also relates to the upcoming third reason. To provide a quick refresh, similar to many small companies and partnerships, they are required to meet various financial covenants from their lenders. These are detailed within their 2021 20-F and conveniently, all of their debt shares the same three covenants, the most alarming and risky of which relates to a requirement of maintaining a book equity ratio of 30% or higher. When their most recent results for the third quarter of 2022 were released, their equity was $581.7m and their total assets were $1.757b and thus resulting in a book equity ratio of only circa 33%, which is barely above this covenant. If breached, a debt covenant is a severe risk and often fatal problem because without receiving prior relief from lenders, they are forced to either repay their debt immediately or file for bankruptcy, as would be the case in this situation. On this front, I see no updates from management regarding relief from their lenders and thus, it leaves this metaphorical sword hanging above their head. To be clear, I am necessarily not suggesting they are heading for bankruptcy but at the same time, the risk is not impossible and technically, they are scarily close to this outcome. Especially because only a minor impairment to the carrying value of their vessels would see their debt covenant breached, as per my previously linked article outlined. Even if bankruptcy were averted, it would not be surprising to see lenders imposing restrictive terms upon any refinancing and relief package that would inhibit their ability to pay distributions or conduct unit buybacks. An example that comes to mind is NGL Energy (NGL), who sought refinancing relief from lenders two years ago in early 2021 that in turn saw the suspension of their distributions and fast-forward to the present day, they have still not escaped this burden. As a result, this raises the downside risk of holding onto their units, despite their recent heavy losses as the market wakes up to these worrying facts. Reason Three The third and final reason relates to deleveraging because to fully resolve the risks stemming from their debt covenant, they realistically need to slash debt. Furthermore, this would also remove a degree of the burden imposed by their interest expense as well as boost their operational flexibility during these uncertain times. Whilst a fairly simple and straightforward path, alas it is not likely to be quick nor pain-free, especially for unitholders who are left waiting around in the background because their balance sheet carries net debt of $1.009b, following the third quarter of 2022. To fully resolve their debt covenant issues, it would require shaving away at least one-third or circa $333m of their net debt, thereby boosting their aforementioned equity to circa $900m and thus in turn, lifting their book equity ratio to a much safer circa 50% from its current circa 33%. The exact timeline to shave away one-third of net debt is currently uncertain given their previously discussed earnings outlook, although the estimates are concerning. To start as a basis point, we can utilize their free cash flow of circa $150m during 2021, as per the data within my previously linked articles. Even under this unrealistically bullish scenario, it would still take around two years to achieve this deleveraging. Since their new quarterly distributions are insignificant, they can effectively be ignored as their effect on this timeline pales in comparison to other variables. That said, the loss of several charter contracts and soft operating conditions makes this scenario impossible and thus this timeline is going to be much longer. When looking at the first nine months of 2022 as their financial performance began weakening, they only generated free cash flow of $76.3m, which annualizes to circa $100m. Since 2023 and beyond sees even more disruptions from the gaps in charter contracts, it seems that as little as circa $75m per annum of free cash flow is quite possible and if so, this would push out the deleveraging timeline to four years.
Seeking Alpha Jan 12

KNOT Offshore Partners Cuts Common Unit Distribution By 95%, Now What?

Summary Leading shuttle tanker player is the latest partnership to succumb to adverse market conditions. Quarterly cash distribution will be cut by 95% to a measly $0.026 per common unit. Parent Knutsen NYK might use the opportunity to make a move for the partnership similar to last year's acquisition of Höegh LNG Partners by parent Höegh LNG. It will likely take some time for the dust to settle as disappointed income investors get replaced by more speculative market participants. Given my expectation for the units to sell off to the $7 area and considering improved long-term business fundamentals as well as prospects for a potential buyout offer, I am upgrading the partnership's common units to "Hold" from "Strong Sell". As expected by me for some time now, leading shuttle tanker operator KNOT Offshore Partners (KNOP) or "KNOP" has become the latest partnership to succumb to ongoing, adverse market conditions: Massive Distribution Cut For the fourth quarter, the company's cash distribution will be reduced by 95% sequentially to a measly $0.026 per common unit. While long-term shuttle tanker market fundamentals have improved considerably over the past year, the partnership continues to face a number of short-term challenges (emphasis added by author): Gary Chapman, CEO and CFO of the Partnership, commented, “In this near-term period of heightened uncertainty for the shuttle tanker market, as we have previously set out, a top operational priority has been to secure additional charter coverage for our fleet at an acceptable rate that ensures the sustainability of our business. We have made progress in this regard and continue to believe that the medium-term market environment in the North Sea and Brazil should improve materially on the basis of significant committed growth capex in their respective offshore production sectors. Nevertheless, as we approach another year with multiple drydocks, we currently lack the forward visibility on earnings that we have historically had. Although we expect to employ our open vessels in possibly a combination of short-term shuttle tanker and spot conventional opportunities, this is highly likely to lead to a temporary but material reduction in vessel utilization rates and income. Additionally, we have not yet finalized new charters for our four vessels operating on bareboat contracts in Brazil. In this context, and until such time as we have re-established a greater degree of forward visibility on earnings and liquidity, our Board has determined that a reduction in our quarterly distribution is prudent. The Partnership continues to believe that a long-term, sustainable distribution is a key component of our strategy and value proposition. We believe that this reduced distribution level will position us not only to weather the challenging interim period and manage our 2023 drydocking schedule, but to take advantage of what we expect will be a strong medium-term market to the benefit of our unitholders. With KNOP's main market Brazil remaining in considerably better shape than the North Sea, the company's apparent difficulties with securing follow-on work for the vessels Fortaleza Knutsen, Recife Knutsen, Dan Cisne and Dan Sabia come as a surprise. Particularly the Fortaleza Knutsen appears to be at risk of sitting idle sooner rather than later: Company Presentation Anyway, with the common unit distribution having been cut to a nominal amount now, the company won't have to worry about coverage ratios for the time being. On an annualized basis, the move will result in cash savings of approximately $130 million which should help deleveraging the balance sheet and potentially enable the partnership to resume dropdowns from parent and general partner Knutsen NYK Offshore Tankers ("Knutsen NYK"). Parent likely to take advantage That said, I would be surprised if KNOP remains a public company for much longer with parent Knutsen NYK likely to take advantage of the inevitable sell-off in a similar way like Höegh LNG last year. At this point, I expect Knutsen NYK to let the dust settle over the next couple of quarters as it will take some time for the common unitholder base to turn over from disappointed income investors to more speculative market participants before proposing to take the partnership private later this year or in early 2024. While management has reiterated its commitment to a long-term, sustainable distribution as a "key component of its strategy and value proposition", parent Knutsen NYK is highly unlikely to forego the opportunity to acquire the partnership on the cheap ahead of an anticipated multi-year upturn in the shuttle tanker market. With KNOP locked out of the capital markets for the foreseeable future, there's simply no sense in keeping the partnership exchange-listed and share expected, strong future cash flows with outside equity holders, particularly not after the ultimate parent Nippon Yusen Kabushiki Kaisha (OTCPK:NPNYY) or "NYK" has pocketed billions of dollars in dividends from container shipping subsidiary Ocean Network Express or "ONE" in recent quarters. Given NYK's vastly improved balance sheet and liquidity, there's simply no need anymore for its shuttle tanker subsidiary to refinance newbuild vessels in the equity markets at the expense of distributing the majority of contracted cash flows to outside unitholders. How low can KNOP go? Well, that's apparently the crucial question as the situation is somewhat different to Hoegh LNG Partners (OTCPK:HMLPF) eighteen months ago as a surprise contract dispute caught common unitholders completely off guard. Moreover, the Floating Storage and Regasification Unit ("FSRU") market wasn't expected to pick up anytime soon at that time but Russia's assault on Ukraine clearly altered LNG market fundamentals last year. In contrast, at least when reading between the lines of the recent Q3 report, KNOP management has been trying to prepare investors for a near-term distribution cut. Not surprisingly, shares sold off by approximately 30% following the release. In addition, shuttle tanker market conditions are widely expected to improve meaningfully over time and with the parent likely to make a move for KNOP, speculative market participants might replace disappointed income investors much quicker than in case of Höegh LNG Partners. Subsequently to the distribution cut in July 2021, Höegh LNG Partners' common units sold off by more than 70%. As of the time of this writing KNOP's common units are down 20% in after-hours but I expect a much broader sell-off on Thursday as long-term unitholders start digesting the news.

주주 수익률

KNOPUS Oil and GasUS 시장
7D7.0%-0.6%1.0%
1Y81.9%37.4%28.7%

수익률 대 산업: KNOP은 지난 1년 동안 37.4%의 수익을 기록한 US Oil and Gas 산업보다 더 좋은 성과를 냈습니다.

수익률 대 시장: KNOP은 지난 1년 동안 28.7%를 기록한 US 시장보다 더 좋은 성과를 냈습니다.

주가 변동성

Is KNOP's price volatile compared to industry and market?
KNOP volatility
KNOP Average Weekly Movement5.4%
Oil and Gas Industry Average Movement6.1%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

안정적인 주가: KNOP는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.

시간에 따른 변동성: KNOP의 주간 변동성(5%)은 지난 1년 동안 안정적이었습니다.

회사 소개

설립직원 수CEO웹사이트
20131Derek Lowewww.knotoffshorepartners.com

KNOT Offshore Partners LP는 자회사와 함께 영국과 브라질에서 셔틀 탱커를 인수, 소유, 운영하고 있습니다. 이 회사는 해상 유전 시설에서 육상 터미널 및 정유 공장으로 원유를 적재, 운송, 응축 및 배출합니다. 이 회사는 석유 메이저와 국영 석유 회사에 서비스를 제공합니다.

KNOT Offshore Partners LP 기초 지표 요약

KNOT Offshore Partners의 순이익과 매출은 시가총액과 어떻게 비교됩니까?
KNOP 기초 통계
시가총액US$398.40m
순이익 (TTM)US$16.46m
매출 (TTM)US$363.84m
24.1x
주가수익비율(P/E)
1.1x
주가매출비율(P/S)

KNOP는 고평가되어 있습니까?

공정 가치 및 평가 분석 보기

순이익 및 매출

최근 실적 보고서(TTM)의 주요 수익성 지표
KNOP 손익계산서 (TTM)
매출US$363.84m
매출원가US$133.78m
총이익US$230.06m
기타 비용US$213.60m
순이익US$16.46m

최근 보고된 실적

Dec 31, 2025

다음 실적 발표일

May 29, 2026

주당순이익(EPS)0.48
총이익률63.23%
순이익률4.52%
부채/자본 비율150.7%

KNOP의 장기 실적은 어땠습니까?

과거 실적 및 비교 보기

배당

1.7%
현재 배당 수익률
22%
배당 성향

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/22 06:56
종가2026/05/22 00:00
수익2025/12/31
연간 수익2025/12/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

KNOT Offshore Partners LP는 10명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Charles FrattAlliance Global Partners
Richard GrossBarclays
Gabriel MoreenBofA Global Research