Knife River (NYSE:KNF) Shares Gap Down After Earnings Miss

Knife River Co. (NYSE:KNF)’s stock price gapped down prior to trading 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 EPS for the quarter, missing the consensus estimate of $2.82 by ($0.22). Knife River had a net margin of 6.88% and a return on equity of 15.73%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the company earned $2.58 EPS. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year.

Analysts Set New Price Targets

Several analysts have commented on the company. Loop Capital reduced their price objective on Knife River from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Tuesday. Oppenheimer increased their price target on Knife River from $85.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, October 21st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Knife River has an average rating of “Moderate Buy” and a consensus price target of $90.40.

Institutional Trading of Knife River

Several hedge funds and other institutional investors have recently made changes to their positions in KNF. Private Advisor Group LLC lifted its position in shares of Knife River by 9.5% during the 1st quarter. Private Advisor Group LLC now owns 13,837 shares of the company’s stock valued at $1,122,000 after acquiring an additional 1,200 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Knife River by 3.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,931 shares of the company’s stock valued at $1,454,000 after buying an additional 543 shares in the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Knife River by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 49,506 shares of the company’s stock worth $4,014,000 after buying an additional 642 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of Knife River by 39.0% in the 1st quarter. Quantbot Technologies LP now owns 25,508 shares of the company’s stock worth $2,068,000 after buying an additional 7,161 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Knife River in the 1st quarter valued at about $467,000. Institutional investors and hedge funds own 80.11% of the company’s stock.

Knife River Trading Up 2.8 %

The company has a market cap of $5.19 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 2.40 and a beta of 0.74. 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 business’s 50-day simple moving average is $87.66 and its 200-day simple moving average is $78.88.

About Knife River

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.