KNOT Offshore Partners (KNOP)
NYSE:KNOP
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KNOT Offshore Partners
(NYSE:KNOP)
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Rating:63Neutral
Price Target:
$10.50
▲(1.74% Upside)
Action:DowngradedDate:03/26/26
The score is driven primarily by mid-range fundamentals (stronger cash generation and improving revenue, offset by high leverage and inconsistent earnings). Valuation is a clear positive due to the low P/E, while technicals remain a headwind with the stock trading below key moving averages and a negative MACD. The latest earnings call adds moderate support via strong utilization and backlog, but highlights meaningful near-term uncertainty and downtime risk from upcoming dry dockings.
Positive Factors
Stable cash generation
Consistent positive operating and free cash flow across recent years provides durable funding for maintenance, scheduled drydocks, refinancing and selective buybacks or dropdowns. Reliable cash generation reduces reliance on spot markets and supports long-term capital allocation and debt servicing.
Negative Factors
Elevated leverage
Material leverage in an asset-heavy, cyclical industry constrains financial flexibility, increases refinancing and interest-rate vulnerability, and limits capacity to pursue acquisitions or weather demand dips. Sustained debt levels raise risk during capex cycles like multiple drydock years.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable cash generation
Consistent positive operating and free cash flow across recent years provides durable funding for maintenance, scheduled drydocks, refinancing and selective buybacks or dropdowns. Reliable cash generation reduces reliance on spot markets and supports long-term capital allocation and debt servicing.
Read all positive factors
KNOT Offshore Partners (KNOP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$358.22M
Dividend Yield1%
Average Volume (3M)106.97K
Price to Earnings (P/E)15.1
Beta (1Y)0.09
Revenue Growth19.59%
EPS GrowthN/A
CountryUS
Employees1
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)-0.18
Shares Outstanding33,818,707
10 Day Avg. Volume192,176
30 Day Avg. Volume106,965
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.57
Price to Sales (P/S)0.96
P/FCF Ratio2.26
Enterprise Value/Market Cap3.40
Enterprise Value/Revenue3.34
Enterprise Value/Gross Profit8.72
Enterprise Value/Ebitda5.50
Forecast
1Y Price Target
$14.00Price Target Upside35.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.69
Revenue Forecast (FY)$380.71M
KNOT Offshore Partners Business Overview & Revenue Model
Company Description
KNOT Offshore Partners LP owns, acquires, and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides loading, transportation, discharge, and storage of crude oil under time charters and bareboat charter...
How the Company Makes Money
KNOP primarily makes money by chartering its shuttle tankers to oil companies and other energy customers under multi-year, fixed-rate time charter contracts. Under these contracts, the customer pays KNOP a contracted daily/periodic hire rate for t...
KNOT Offshore Partners Earnings Call Summary
Earnings Call Date:Dec 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a strong financial performance with high utilization rates and successful refinancing efforts. However, there are concerns about the limited execution of the buyback program and uncertainties related to the unsolicited offer from KNOT. Additionally, anticipated dry dockings present operational challenges.Positive Updates
Strong Financial Performance
Revenues for Q3 were $96.9 million, operating income was $30.6 million, and net income was $15.1 million. Adjusted EBITDA was $61.6 million. Available liquidity at the end of Q3 was $125.2 million, which is $20.4 million higher than at June 30.
Negative Updates
Limited Buyback Program Execution
The unit buyback program was concluded after purchasing just under 385,000 common units for over $3 million, rather than utilizing the full $10 million authorization.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Financial Performance
Revenues for Q3 were $96.9 million, operating income was $30.6 million, and net income was $15.1 million. Adjusted EBITDA was $61.6 million. Available liquidity at the end of Q3 was $125.2 million, which is $20.4 million higher than at June 30.
Read all positive updates
Company Guidance
During the KNOP third quarter 2025 earnings call, several key metrics and developments were highlighted. The partnership reported revenues of $96.9 million, an operating income of $30.6 million, and a net income of $15.1 million, with an adjusted EBITDA of $61.6 million. As of September 30, 2025, KNOP had $125.2 million in available liquidity, comprising $77.2 million in cash and cash equivalents and $48 million in undrawn credit facilities. The fleet operated at 99.9% utilization, accounting for the scheduled drydocking of Tove Knutsen, resulting in an overall utilization rate of 96.5%. Additionally, they declared a cash distribution of $0.026 per common unit, paid in November. The call also covered strategic moves such as acquiring the Daqing Knutsen, implementing a buyback program, and completing two refinancings. Contractually, they extended agreements with Shell and Equinor, and secured a new time charter with KNOT for the Fortaleza Knutsen. The partnership's backlog extended to $963 million of fixed contracts averaging 2.6 years, with robust vessel coverage for 2026 and 2027.KNOT Offshore Partners Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
45
Neutral
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 364.44M | 312.63M | 290.72M | 268.58M | 281.13M |
| Gross Profit | 110.96M | 200.51M | 80.93M | 72.32M | 109.46M |
| EBITDA | 223.27M | 190.68M | 144.64M | 210.19M | 183.00M |
| Net Income | 23.26M | 14.06M | -34.33M | 58.67M | 53.88M |
Balance Sheet | |||||
| Total Assets | 1.68B | 1.57B | 1.60B | 1.73B | 1.68B |
| Cash, Cash Equivalents and Short-Term Investments | 88.98M | 66.93M | 63.92M | 47.58M | 62.29M |
| Total Debt | 955.98M | 906.00M | 958.91M | 1.06B | 969.87M |
| Total Liabilities | 1.06B | 961.03M | 989.01M | 1.08B | 1.00B |
| Stockholders Equity | 620.97M | 611.13M | 607.48M | 652.21M | 673.01M |
Cash Flow | |||||
| Free Cash Flow | 155.46M | 136.20M | 128.86M | 97.63M | 154.88M |
| Operating Cash Flow | 155.74M | 137.15M | 131.64M | 100.94M | 166.41M |
| Investing Cash Flow | -25.29M | -338.00K | -2.78M | -35.51M | -11.54M |
| Financing Cash Flow | -108.63M | -133.32M | -112.51M | -79.97M | -145.15M |
KNOT Offshore Partners Technical Analysis
Positive
10.32
Price Trends
10.39
Negative
10.29
Positive
9.01
Positive
Market Momentum
-0.13
Positive
51.85
Neutral
71.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KNOP, the sentiment is Positive. The current price of 10.32 is above the 20-day moving average (MA) of 10.25, below the 50-day MA of 10.39, and above the 200-day MA of 9.01, indicating a neutral trend. The MACD of -0.13 indicates Positive momentum. The RSI at 51.85 is Neutral, neither overbought nor oversold. The STOCH value of 71.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $2.02B | 3.51 | 13.56% | 3.64% | 3.82% | -13.73% | |
71 Outperform | $1.91B | 8.98 | ― | 6.50% | -12.47% | -34.41% | |
70 Outperform | $1.86B | 3.29 | 8.85% | 0.39% | -1.33% | -33.66% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $358.22M | 15.09 | 3.77% | 1.00% | 19.59% | ― | |
62 Neutral | $2.53B | 26.26 | 3.46% | 1.59% | -13.87% | -82.48% | |
59 Neutral | $1.53B | -39.32 | -2.63% | 12.24% | -11.10% | -101.57% |
* Energy Sector Average
KNOP
KNOT Offshore Partners
10.32
3.75
57.01%
DAC
Danaos
110.74
34.28
44.83%
NMM
Navios Maritime Partners
65.26
26.54
68.54%
SFL
SFL Corporation
10.59
3.21
43.52%
SBLK
Star Bulk Carriers
22.25
6.69
43.02%
ECO
Okeanis Eco Tankers Corp.
49.90
29.21
141.14%
KNOT Offshore Partners Corporate Events
KNOT Offshore Partners Posts Strong Q4 2025 Operations as Take-Private Talks Collapse and Charter Coverage Tightens
Mar 25, 2026
KNOT Offshore Partners reported interim results for the quarter ended December 31, 2025, posting revenues of $96.5 million, operating income of $8.4 million and a net loss of $6.2 million, mainly due to a $20.3 million non-cash impairment on the s...
KNOT Offshore Partners Ends Talks on Sponsor’s Buyout Offer
Mar 19, 2026
On March 19, 2026, KNOT Offshore Partners LP announced that it has terminated discussions over an unsolicited, non-binding buyout proposal first received on October 31, 2025 from its sponsor, Knutsen NYK Offshore Tankers AS, which sought to acquir...
KNOT Offshore Partners’ Adjourned 2025 Unitholder Meeting Fails to Reach Quorum
Jan 5, 2026
On January 5, 2026, KNOT Offshore Partners LP reported that its adjourned 2025 Annual Meeting of Limited Partners, convened that same day, again failed to achieve the required quorum, preventing the partnership from conducting formal unitholder bu...
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.