KNOT Offshore Partners LP (NYSE:KNOP) Declares $0.52 Quarterly Dividend

KNOT Offshore Partners LP (NYSE:KNOP) announced a quarterly dividend on Tuesday, July 18th, Wall Street Journal reports. Investors of record on Wednesday, August 2nd will be paid a dividend of 0.52 per share by the shipping company on Tuesday, August 15th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 9.06%. The ex-dividend date of this dividend is Monday, July 31st.

KNOT Offshore Partners has raised its dividend payment by an average of 40.4% per year over the last three years and has raised its dividend every year for the last 3 years. KNOT Offshore Partners has a dividend payout ratio of 100.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect KNOT Offshore Partners to earn $2.14 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 97.2%.

Shares of KNOT Offshore Partners (KNOP) opened at 22.95 on Friday. The firm has a market capitalization of $688.57 million, a PE ratio of 10.50 and a beta of 0.78. The company’s 50 day moving average price is $22.97 and its 200-day moving average price is $22.60. KNOT Offshore Partners has a 52 week low of $18.23 and a 52 week high of $24.67.

A number of brokerages have weighed in on KNOP. BidaskClub upgraded shares of KNOT Offshore Partners from a “sell” rating to a “hold” rating in a report on Friday. TheStreet cut shares of KNOT Offshore Partners from a “b-” rating to a “c” rating in a report on Wednesday, April 19th. Finally, Zacks Investment Research cut shares of KNOT Offshore Partners from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $22.50.

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About KNOT Offshore Partners

KNOT Offshore Partners LP (KNOT Offshore Partners or the Partnership), owns, operates and acquires shuttle tankers under long-term charters. The Partnership’s vessels in its fleet are chartered to Statoil ASA (Statoil), Petrobras Transporte SA (Transpetro), Repsol Sinopec Brasil, SA (Repsol), Royal Dutch Shell plc, ExxonMobil, and Eni Trading and Shipping S.p.A.