A 9% Yield, Record Earnings, Very Strong Coverage, And More Growth Due In 2017 For This Niche LP

This solid niche leader posted record revenues, EBITDA, and cash flow for Q2 '17. The yield is 9%, with record 1.43x coverage in Q2 '17. Revenues grew 18%, EBITDA and DCF rose 27%. Management will make another accretive acquisition in Q3 '17. It issues a 1099 at tax time, not a K-1.

Remember the song, "What A Difference A Day Makes"? We'd like to abridge that title to "What A Difference A Quarter Makes" for KNOT Offshore Partners LP (NYSE:KNOP), one of our long-term holdings, which just did a complete turnaround vs. a sub-par Q1 '17. It reported record revenues (up by 18%), EBITDA (up by 27%), and distributable cash flow (up by 27%). Although net income wasn't a company record, it grew by 46% in Q2. KNOT Offshore Partners LP owns and operates shuttle tankers under long-term charters in the North Sea and Brazil. The company provides crude oil loading, transportation, and storage services under time charters and bareboat charters. KNOT Offshore Partners GP LLC serves as the general partner of the company, and Knutsen NYK Offshore Tankers AS is its sponsor. The company was founded in 2013 and is headquartered in Aberdeen, UK.

Source: Seeking Alpha

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