Strategic Income Management Lowers stake in KNOT Offshore Partners LP (KNOP)

KNOT Offshore Partners LP (KNOP) : Strategic Income Management reduced its stake in KNOT Offshore Partners LP by 6.89% during the most recent quarter end. The investment management company now holds a total of 171,737 shares of KNOT Offshore Partners LP which is valued at $3,323,111 after selling 12,700 shares in KNOT Offshore Partners LP , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.KNOT Offshore Partners LP makes up approximately 29.29% of Strategic Income Management’s portfolio.

Other Hedge Funds, Including , Renaissance Technologies added KNOP to its portfolio by purchasing 44,254 company shares during the most recent quarter which is valued at $856,315. Credit Suisse Ag added KNOP to its portfolio by purchasing 10,315 company shares during the most recent quarter which is valued at $199,595.Raymond James Associates reduced its stake in KNOP by selling 441 shares or 0.47% in the most recent quarter. The Hedge Fund company now holds 92,786 shares of KNOP which is valued at $1,795,409. KNOT Offshore Partners LP makes up approx 0.01% of Raymond James Associates’s portfolio.Advisors Asset Management reduced its stake in KNOP by selling 19,170 shares or 7.1% in the most recent quarter. The Hedge Fund company now holds 250,787 shares of KNOP which is valued at $4,782,508. KNOT Offshore Partners LP makes up approx 0.08% of Advisors Asset Management’s portfolio.

KNOT Offshore Partners LP opened for trading at $18.37 and hit $18.99 on the upside on Monday, eventually ending the session at $18.34, with a gain of 0.27% or 0.05 points. The heightened volatility saw the trading volume jump to 52,724 shares. Company has a market cap of $499 M.

Many Wall Street Analysts have commented on KNOT Offshore Partners LP. Company shares were Reiterated by RBC Capital Mkts on May 17, 2016 to “Outperform”, Firm has raised the Price Target to $ 22 from a previous price target of $19 .

KNOT Offshore Partners LP (KNOT Offshore Partners or the Partnership) owns and operates shuttle tankers under long-term charters. The Partnership’s primary business objective is to increase quarterly distributions per unit over time by growing its business through accretive acquisitions of shuttle tankers and by chartering the vessels pursuant to long-term charters with customers that generate long-term stable cash flows. The Partnership’s eight shuttle tankers include Fortaleza Knutsen Recife Knutsen Bodil Knutsen Windsor Knutsen Carmen Knutsen Hilda Knutsen Torill Knutsen and Dan Cisne. The Partnership has the right to purchase vessels from KNOT in Ingrid Knutsen and Raquel Knutsen. During the fiscal year ended December 31 2014 its customers Transpetro ENI Statoil Repsol BG Group and KNOT accounted for approximately 23% 21% 20% 18% 11% and 7% respectively of its revenues. KNOT Offshore Partners GP LLC is the general partner of the Partnership.

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