KNOT Offshore Partners: Solid Q2 But Going Private Deal Less Likely - Hold [Seeking Alpha]
KNOT Offshore Partners LP Common Units representing Limited Partner Interests (KNOP)
US:NYSE Investor Relations:
ir.knotoffshorepartners.com/investor-relations/default.aspx
Company Research
Source: Seeking Alpha
Investing Group Leader Follow 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. Looking for a helping hand in the market? Members of Value Investor's Edge get exclusive ideas and guidance to navigate any climate. Learn
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News
- KNOT Offshore Partners LP Announces 3rd Quarter 2024 Earnings Results Conference CallBusiness Wire
- Is Alstom (ALSMY) Outperforming Other Transportation Stocks This Year? [Yahoo! Finance]Yahoo! Finance
- KNOT Offshore Partners LP (NYSE: KNOP) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- KNOT Offshore Partners LP Announces 3rd Quarter 2024 Cash DistributionBusiness Wire
- KNOT Offshore Partners LP (NYSE: KNOP) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
KNOP
Sec Filings
- 11/14/24 - Form SC
- 11/7/24 - Form 6-K
- 10/10/24 - Form SC
- KNOP's page on the SEC website