KNOT Offshore Q1 revenue beats estimates

KNOT Offshore Partners LP

28/05/2026 21:27

Overview
Shuttle tanker operator's Q1 revenue rose, beating analyst expectations
Q1 adjusted EBITDA slightly beat analyst expectations
Net income fell yr/yr due to higher depreciation after vessel life estimate cut

Outlook
Company is fully chartered for H1 2026, with 97% coverage for H2 2026 and 81% for 2027
Company expects shuttle tanker market to tighten in Brazil and improve in the North Sea
Knot Offshore plans to pursue accretive acquisitions and maintain a long-term sustainable distribution

Result Drivers
HIGH FLEET UTILIZATION - Co reported 97.2% utilization for scheduled operations in Q1, though overall utilization was 92.0% due to scheduled drydockings
INSURANCE RECOVERIES - Revenue benefited from $2.2 mln in loss of hire insurance recoveries related to vessel repairs
LOWER OPERATING EXPENSES - Vessel operating expenses fell due to one vessel on bareboat charter and insurance settlements

Company press release: ID:nBw3rm76Ja

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$92 mln
$90.33 mln (3 Analysts)
Q1 Net Income
 
$2.62 mln
 
Q1 Adjusted EBITDA
Slight Beat*
$56.54 mln
$56.24 mln (3 Analysts)
Q1 Operating Income
 
$14.70 mln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas transportation services peer group is "buy"
Wall Street's median 12-month price target for Knot Offshore Partners LP is $14.50, about 31.1% above its May 27 closing price of $11.06
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 7 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)