Knife River (NYSE:KNF) Shares Gap Down Following Weak Earnings

Knife River Co. (NYSE:KNF) gapped down prior to trading on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $97.47, but opened at $91.14. Knife River shares last traded at $90.14, with a volume of 98,103 shares.

The company reported $2.60 EPS for the quarter, missing the consensus estimate of $2.82 by ($0.22). Knife River had a return on equity of 15.73% and a net margin of 6.88%. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the company posted $2.58 EPS. Knife River’s revenue for the quarter was up 1.4% on a year-over-year basis.

Analysts Set New Price Targets

Separately, Oppenheimer raised their price target on Knife River from $85.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, October 21st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $86.60.

Hedge Funds Weigh In On Knife River

Several hedge funds have recently added to or reduced their stakes in KNF. GAMMA Investing LLC boosted its position in shares of Knife River by 129.4% during the third quarter. GAMMA Investing LLC now owns 312 shares of the company’s stock worth $28,000 after purchasing an additional 176 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Knife River during the 2nd quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Knife River during the second quarter worth about $43,000. Sittner & Nelson LLC grew its stake in Knife River by 18.5% in the third quarter. Sittner & Nelson LLC now owns 960 shares of the company’s stock valued at $86,000 after acquiring an additional 150 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Knife River by 13.2% in the third quarter. Covestor Ltd now owns 1,288 shares of the company’s stock worth $115,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 80.11% of the company’s stock.

Knife River Stock Performance

The company has a debt-to-equity ratio of 0.52, a current ratio of 2.51 and a quick ratio of 1.49. The company has a market cap of $5.09 billion, a price-to-earnings ratio of 28.09, a price-to-earnings-growth ratio of 2.40 and a beta of 0.74. The stock has a 50-day moving average price of $87.16 and a 200 day moving average price of $78.67.

Knife River Company Profile

Knife River Corporation, together with its subsidiaries, provides aggregates- led construction materials and contracting services in the United States. It operates through Pacific, Northwest, Mountain, Central, and Energy Services segments. The company mines, processes, and sells construction aggregates, including crushed stone and sand, and gravel; and produces and sells asphalt and ready-mix concrete.