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

Knife River Co. (NYSE:KNF) shares gapped down before the market opened on Monday following a dissappointing earnings announcement. 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 earnings per share for the quarter, missing analysts’ consensus estimates of $2.82 by ($0.22). Knife River had a return on equity of 15.73% and a net margin of 6.88%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the firm posted $2.58 earnings per share. Knife River’s quarterly revenue was up 1.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Separately, Oppenheimer upped their target price on shares of Knife River from $85.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, October 21st. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Knife River currently has an average rating of “Moderate Buy” and an average target price of $86.60.

Institutional Trading of Knife River

A number of hedge funds have recently modified their holdings of KNF. Angeles Wealth Management LLC boosted its position in shares of Knife River by 1.5% in the third quarter. Angeles Wealth Management LLC now owns 8,500 shares of the company’s stock valued at $760,000 after acquiring an additional 125 shares during the period. Sittner & Nelson LLC increased its position in Knife River by 18.5% during the third quarter. Sittner & Nelson LLC now owns 960 shares of the company’s stock worth $86,000 after acquiring an additional 150 shares during the period. Covestor Ltd raised its stake in Knife River by 13.2% in the 3rd quarter. Covestor Ltd now owns 1,288 shares of the company’s stock worth $115,000 after purchasing an additional 150 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Knife River by 129.4% in the third quarter. GAMMA Investing LLC now owns 312 shares of the company’s stock valued at $28,000 after buying an additional 176 shares in the last quarter. Finally, LVW Advisors LLC raised its holdings in Knife River by 3.3% in the 3rd quarter. LVW Advisors LLC now owns 6,027 shares of the company’s stock valued at $539,000 after acquiring an additional 195 shares in the last quarter. Institutional investors and hedge funds own 80.11% of the company’s stock.

Knife River Stock Performance

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

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.