KNOT Offshore Q2 revenue beats estimates on insurance recoveries
KNOT Offshore Q2 revenue beats estimates on insurance recoveries
Overview
Shuttle tanker lessor's Q2 revenue rose, beating analyst expectations
Q2 net income fell yr/yr due to higher depreciation and operating expenses
Company completed acquisition of Hedda Knutsen and refinanced $225 mln in vessel debt
Outlook
Company is fully contracted for H2 2026, with 97% coverage for H1 2027
KNOT Offshore expects shuttle tanker demand to remain strong in Brazil and the North Sea
Company anticipates gradual distribution increases over coming quarters and years
Result Drivers
INSURANCE RECOVERIES - Higher loss of hire insurance recoveries contributed to increased revenue in Q2 2026
CHARTER RATES - Increased time charter rates and higher insurance recoveries supported revenue compared to Q2 2025
HIGH FLEET UTILIZATION - Fleet operated with 96.8% utilization for scheduled operations in Q2 2026
Company press release: ID:nBwc80Cqka
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $96.80 mln | $91.64 mln (3 Analysts) |
Q2 Net Income |
| $3.40 mln |
|
Q2 Operating Income |
| $15.60 mln |
|
Q2 Vessel Operating Expenses |
| $36.40 mln |
|
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 28.4% above its September 2 closing price of $11.29
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 12 three months ago
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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.)