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KNOT Offshore Partners
(NYSE:KNOP)
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Rating:69Neutral
Price Target:
$11.00
▲(2.90% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by a mixed financial profile (strong cash generation and revenue rebound, offset by thin net profitability and elevated leverage) and a very constructive earnings update (strong contracted backlog/coverage, refinancing progress, and distribution growth plans). Technicals are supportive with the stock trading above major moving averages, while valuation is the main drag due to a relatively high P/E and modest yield.
Positive Factors
Contracted Revenue Visibility
High forward charter coverage and $881.2 million of fixed contracts provide meaningful revenue visibility for the next several years. This reduces exposure to spot-market volatility, supports planning for debt service, and gives KNOP a durable base for distributions and selective growth.
Negative Factors
Elevated Leverage
Persistent leverage remains a material constraint for a capital-intensive shipping partnership. Debt service and refinancing needs can absorb cash that might otherwise fund fleet growth or distributions, while elevated borrowing reduces flexibility if vessel economics or charter conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Revenue Visibility
High forward charter coverage and $881.2 million of fixed contracts provide meaningful revenue visibility for the next several years. This reduces exposure to spot-market volatility, supports planning for debt service, and gives KNOP a durable base for distributions and selective growth.
Read all positive factors
KNOT Offshore Partners (KNOP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$352.79M
Dividend Yield1.73%
Average Volume (3M)40.85K
Price to Earnings (P/E)23.9
Beta (1Y)0.03
Revenue Growth12.85%
EPS Growth-55.79%
CountryUS
Employees815
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.43
Shares Outstanding33,660,343
10 Day Avg. Volume38,930
30 Day Avg. Volume40,850
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.57
Price to Sales (P/S)0.96
P/FCF Ratio2.26
Enterprise Value/Market Cap3.52
Enterprise Value/Revenue3.25
Enterprise Value/Gross Profit12.68
Enterprise Value/Ebitda5.91
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.7
Revenue Forecast (FY)$366.50M
KNOT Offshore Partners Business Overview & Revenue Model
Company Description
KNOT Offshore Partners LP is engaged in the management and expansion of a fleet of specialized shuttle tankers. These vessels are primarily utilized for the intricate logistics of crude oil, operating under extended contractual agreements predomin...
How the Company Makes Money
KNOP makes money primarily by chartering its shuttle tankers to customers under long-term contracts, earning contracted charter hire (a fixed day-rate style payment) for providing a vessel with crew/technical operation as agreed. The main revenue ...
KNOT Offshore Partners Earnings Call Summary
Earnings Call Date:Sep 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 03, 2026
Earnings Call Sentiment Positive
The call was strongly positive. Management reported solid financial results, higher liquidity, an increased distribution, successful fleet expansion, additional long-term charter coverage, lower-cost refinancing, tightening market conditions, and substantial forward coverage. The main challenges were reduced overall utilization following scheduled drydocking, the removal of two vessels from the drop-down inventory, an upcoming Lena Knutsen facility maturity, and lower firm coverage in 2028 before options are included.Positive Updates
Solid Second-Quarter Financial Results
Q2 revenues were $96.8 million, operating income was $15.6 million, net income was $3.4 million, and Adjusted EBITDA was $57.6 million.
Negative Updates
Overall Utilization Reduced by Drydocking
Utilization was 96.8% when taking scheduled drydocking into account, but overall utilization was 92.4% following the drydocking of Fortaleza Knutsen.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Second-Quarter Financial Results
Q2 revenues were $96.8 million, operating income was $15.6 million, net income was $3.4 million, and Adjusted EBITDA was $57.6 million.
Read all positive updates
Company Guidance
Management said it is continuing to repay debt at around $95 million per year and is well advanced in refinancing the $65 million facility secured by Lena Knutsen, which is due later in October. The fleet is fully chartered for the remainder of 2026, with 2027 coverage of 92% firm or 96% including charterer's options and 2028 coverage of 65% firm or 93% including charterer's options; management assumes the charterer's options are picked up, which is our current expectation. With $881.2 million of fixed contracts at quarter end averaging 2.5 years in duration and charterers options averaging further 4 years, management believes accretive drop-downs and an improving charter market should support multiple gradual distribution increases over the coming quarters and years and says KNOP is well positioned to pursue attractive long term growth opportunities alongside multiple gradual increases to our sustainable distribution.KNOT Offshore Partners Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 382.14M | 364.44M | 312.63M | 290.72M | 268.58M | 281.13M |
| Gross Profit | 97.79M | 110.96M | 200.51M | 80.93M | 72.32M | 109.46M |
| EBITDA | 209.87M | 197.01M | 190.68M | 144.64M | 208.75M | 182.09M |
| Net Income | 14.91M | 23.26M | 14.06M | -34.33M | 58.67M | 53.88M |
Balance Sheet | ||||||
| Total Assets | 1.64B | 1.68B | 1.57B | 1.60B | 1.73B | 1.68B |
| Cash, Cash Equivalents and Short-Term Investments | 95.25M | 88.98M | 66.93M | 63.92M | 47.58M | 62.29M |
| Total Debt | 903.18M | 955.98M | 906.00M | 958.91M | 1.06B | 969.87M |
| Total Liabilities | 1.02B | 1.06B | 961.03M | 989.01M | 1.08B | 1.00B |
| Stockholders Equity | 611.41M | 620.97M | 611.13M | 607.48M | 652.21M | 673.01M |
Cash Flow | ||||||
| Free Cash Flow | 153.62M | 155.46M | 136.20M | 128.86M | 97.63M | 154.88M |
| Operating Cash Flow | 154.25M | 155.74M | 137.15M | 131.64M | 100.94M | 166.41M |
| Investing Cash Flow | -26.68M | -25.29M | -338.00K | -2.78M | -35.51M | -11.54M |
| Financing Cash Flow | -98.58M | -108.63M | -133.32M | -112.51M | -79.97M | -145.15M |
KNOT Offshore Partners Technical Analysis
Negative
10.69
Price Trends
10.76
Negative
10.64
Negative
10.49
Negative
Market Momentum
-0.18
Positive
35.57
Neutral
23.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KNOP, the sentiment is Negative. The current price of 10.69 is above the 20-day moving average (MA) of 10.66, below the 50-day MA of 10.76, and above the 200-day MA of 10.49, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 35.57 is Neutral, neither overbought nor oversold. The STOCH value of 23.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KNOP.
KNOT Offshore Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $3.08B | 5.72 | 13.97% | 5.85% | 2.45% | 21.62% | |
82 Outperform | $3.78B | 9.16 | ― | 9.68% | 105.24% | 413.89% | |
81 Outperform | $2.72B | 6.29 | 13.13% | 0.23% | 13.38% | 52.73% | |
71 Outperform | $3.34B | 11.66 | 11.71% | 6.30% | 6.34% | 141.62% | |
69 Neutral | $352.79M | 23.88 | 2.42% | 2.51% | 12.85% | -55.79% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | $2.04B | 28.25 | 6.46% | 6.19% | -15.61% | 81.02% |
* Energy Sector Average
KNOP
KNOT Offshore Partners
10.21
2.09
25.79%
DAC
Danaos
169.39
87.40
106.61%
NMM
Navios Maritime Partners
96.24
51.40
114.65%
SFL
SFL Corporation
13.56
7.16
112.01%
SBLK
Star Bulk Carriers
29.84
13.65
84.28%
ECO
Okeanis Eco Tankers Corp.
76.15
51.48
208.65%
KNOT Offshore Partners Corporate Events
KNOT Offshore Partners Posts Mixed Q2 2026 Results, Moves to Consolidate Hedda Knutsen Ownership
Sep 9, 2026
KNOT Offshore Partners LP is a Marshall Islands-based limited partnership focused on owning and operating shuttle tankers that transport crude oil from offshore production sites to onshore terminals, mainly under long-term time charters and barebo...
KNOT Offshore Partners Boosts Charter Backlog and Liquidity in Strong Q2 2026
Sep 3, 2026
KNOT Offshore Partners LP reported interim results for the quarter ended June 30, 2026, generating $96.8 million in revenue, $15.6 million in operating income and $3.4 million in net income, with Adjusted EBITDA of $57.6 million and available liqu...
KNOT Offshore Partners acquires Hedda Knutsen and refinances $225 million fleet debt
Aug 26, 2026
KNOT Offshore Partners LP announced on August 26, 2026 that it has agreed to acquire Knutsen Canadian Chartering AS, the owner of the 2024-built shuttle tanker Hedda Knutsen, which operates in Brazil under a long-term time charter with Petrobras r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.