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

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.

스노우플레이크 점수
가치 평가	2/6
미래 성장	3/6
과거 실적	3/6
재무 건전성	1/6
배당	3/6

과거 주가
현재 주가	US$11.06
52주 최고가	US$11.78
52주 최저가	US$6.16
베타	-0.082
1개월 변동	2.31%
3개월 변동	6.55%
1년 변동	75.00%
3년 변동	117.72%
5년 변동	-41.85%
IPO 이후 변동	-49.24%

	KNOP	US Oil and Gas	US 시장
7D	-2.8%	-5.9%	2.5%
1Y	75.0%	31.9%	26.4%

KNOP volatility
KNOP Average Weekly Movement	5.5%
Oil and Gas Industry Average Movement	6.4%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.5%
10% least volatile stocks in US Market	3.1%

KNOP 기초 통계
시가총액	US$385.61m
순이익 (TTM)	US$16.46m
매출 (TTM)	US$363.84m

KNOP 손익계산서 (TTM)
매출	US$363.84m
매출원가	US$133.78m
총이익	US$230.06m
기타 비용	US$213.60m
순이익	US$16.46m

주당순이익(EPS)	0.48
총이익률	63.23%
순이익률	4.52%
부채/자본 비율	150.7%

데이터	최종 업데이트 (UTC 시간)
기업 분석	2026/05/27 00:13
종가	2026/05/27 00:00
수익	2025/12/31
연간 수익	2025/12/31

패키지	데이터	기간	미국 소스 예시 ^*
기업 재무제표	10년	손익계산서 현금흐름표 대차대조표	SEC 양식 10-K SEC 양식 10-Q
분석가 컨센서스 추정치	+3년	재무 예측 분석가 목표주가	분석가 리서치 보고서 Blue Matrix
시장 가격	30년	주가 배당, 분할 및 기타 조치	ICE 시장 데이터 SEC 양식 S-1
지분 구조	10년	주요 주주 내부자 거래	SEC 양식 4 SEC 양식 13D
경영진	10년	리더십 팀 이사회	SEC 양식 10-K SEC 양식 DEF 14A
주요 개발	10년	회사 공시	SEC 양식 8-K

분석가	기관
Charles Fratt	Alliance Global Partners
Richard Gross	Barclays
Gabriel Moreen	BofA Global Research

KNOT Offshore Partners (KNOP) 주식 개요

강점

위험 분석

Analyst Price Targets

Brazil And North Sea Will Test Earnings But Allow Recovery

KNOP: Takeover Proposal And Improved Margins Will Shape Future Prospects

Emerging Brazil And North Sea Demand Will Fuel Offshore Shipping

Top Analyst Narratives

Brazil And North Sea Will Test Earnings But Allow Recovery

KNOP: Takeover Proposal And Improved Margins Will Shape Future Prospects

Emerging Brazil And North Sea Demand Will Fuel Offshore Shipping

KNOT Offshore Partners LP 경쟁사

StealthGas

Imperial Petroleum

Dynagas LNG Partners

Ardmore Shipping

가격 이력 및 성과

최근 뉴스 및 업데이트

KNOP: Recent Upgrades And Higher Future P/E Will Support Constructive Outlook

KNOT Offshore Partners LP to Report Q1, 2026 Results on May 29, 2026

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

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

Knot Offshore Partners LP Announces Quarterly Cash Distribution for the First Quarter Ended March 31, 2026, Payable on May 14, 2026

Knot Offshore Partners LP Common: Focus On The Expected Recovery

Recent updates

KNOP: Recent Upgrades And Higher Future P/E Will Support Constructive Outlook

KNOT Offshore Partners LP to Report Q1, 2026 Results on May 29, 2026

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

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

Knot Offshore Partners LP Announces Quarterly Cash Distribution for the First Quarter Ended March 31, 2026, Payable on May 14, 2026

Knot Offshore Partners LP Common: Focus On The Expected Recovery

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

Knutsen NYK Offshore Tankers AS cancelled the acquisition of additional 70.80% stake in KNOT Offshore Partners LP (NYSE:KNOP).

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

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

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

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

KNOP: Takeover Proposal And Downgrade Will Guide Fairly Valued Units

Third quarter dividend of US$0.026 announced

KNOT Offshore Partners LP Announces Cash Distribution with Respect to the Quarter Ended December 31, 2025, Payable on February 5, 2026

KNOP: Takeover Proposal And Downgrade Will Shape Future Unit Performance

Third quarter 2025 earnings: EPS and revenues exceed analyst expectations

KNOP: Takeover Bid And Downgrade Will Influence Future Performance

KNOP: Takeover Proposal And Margin Pressures Will Shape Outlook

KNOT Offshore Partners LP to Report Q3, 2025 Results on Dec 05, 2025

Knutsen NYK Offshore Tankers AS entered into an unsolicited non-binding proposal to acquire additional 70.80% stake in KNOT Offshore Partners LP (NYSE:KNOP) for approximately $240 million.

KNOP: Takeover Proposal And Improved Margins Will Shape Future Prospects

KNOT Offshore Partners LP, Annual General Meeting, Dec 15, 2025

Consensus EPS estimates increase by 20%

Second quarter dividend of US$0.026 announced

KNOT Offshore Partners LP Announces Third Quarter 2025 Cash Distribution, Payable on November 6, 2025

Consensus EPS estimates fall by 16%, revenue upgraded

Second quarter 2025 earnings: EPS and revenues exceed analyst expectations

KNOT Offshore Partners LP to Report Q2, 2025 Results on Sep 26, 2025

Upcoming dividend of US$0.026 per share

First quarter dividend of US$0.026 announced

KNOT Offshore Partners LP (NYSE:KNOP) announces an Equity Buyback for $10 million worth of its shares.

Consensus EPS estimates increase by 20%

Brazil Deepwater Offshore Production Will Drive Shuttle Tanker Demand

First quarter 2025 earnings: EPS and revenues exceed analyst expectations

KNOT Offshore Partners LP to Report Q1, 2025 Results on May 21, 2025

Fourth quarter dividend of US$0.026 announced

Knot Offshore Partners Lp Announces Board Changes

Investor sentiment improves as stock rises 20%

KNOT Offshore Partners: Decent Quarter But Prospects Remain Muted

Full year 2024 earnings: EPS and revenues exceed analyst expectations

KNOT Offshore Partners LP to Report Q4, 2024 Results on Mar 20, 2025

Third quarter dividend of US$0.026 announced

KNOT Offshore Partners LP Announces Cash Distribution with Respect to the Quarter Ended December 31, 2024, Payable on February 6, 2025

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

Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

KNOT Offshore Partners: The Outlook For Higher Distributions

KNOT Offshore Partners LP to Report Q3, 2024 Results on Dec 05, 2024

Second quarter dividend of US$0.026 announced

KNOT Offshore Partners LP Declares Quarterly Cash Distribution for the Quarter Ended September 30, 2024, Payable on November 7, 2024

KNOT Offshore Partners LP, Annual General Meeting, Nov 07, 2024

Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Consensus EPS estimates fall from profit to US$0.21 loss, revenue upgraded

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

KNOT Offshore Partners LP to Report Q2, 2024 Results on Sep 04, 2024