Knot Offshore Partners price target lowered to $15 from $22 at B. Riley

B. Riley analyst Liam Burke lowered the firm’s price target on Knot Offshore Partners to $15 from $22 and keeps a Buy rating on the shares. Tanker demand remained strong and rates remained high in Q4, despite sluggish crude demand from China, the world’s largest crude importer, Burke tells investors in a research note. He expects Knot’s distribution coverage to see sequential improvement in Q4 on lower off hire that was heavily weighted to the first half of 2022. However, the company’s s limited leasing alternatives in the North Sea could create near-term shortfalls in charter coverage, says Burke.