Knife River Corporation (KNF) shares have reached an unprecedented peak, touching an all-time high of $108.45. According to InvestingPro data, the stock is currently trading above its Fair Value, with analyst price targets ranging from $82 to $125. This milestone underscores a period of robust performance for the construction materials company, which has seen its stock value surge by an impressive 70.94% over the past year. Investors have rallied behind Knife River's strategic growth initiatives and strong market demand, propelling the stock to new heights. The company maintains a healthy financial position with a current ratio of 2.72 and moderate debt levels, earning a "GREAT" financial health score from InvestingPro. For deeper insights into KNF's valuation and 13 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Knife River Corporation reported record third-quarter revenue of $1.11 billion, a 1% increase year-over-year, despite falling short of the consensus estimate of $1.17 billion. The company's adjusted earnings per share were $2.60, missing projections of $2.71. Knife River's net income reached a quarterly record of $148.1 million, though adjusted EBITDA slightly decreased to $245.2 million from $247.5 million a year ago. The company has adjusted its full-year 2024 guidance, now expecting revenue between $2.85 billion and $2.95 billion, aligning with analyst estimates.
The firm also disclosed Vice President of Administration Nancy K. Christenson's decision to retire in April 2025. The details of her departure and any arrangements regarding her successor were not disclosed. Loop Capital adjusted its outlook on Knife River, reducing the firm's price target to $100 from $105, while still recommending the stock as a Buy.
These recent developments come as Knife River continues to make acquisitions, with a total of $129.3 million across six deals this year, focusing on aggregate reserves and construction materials, which are anticipated to boost long-term profitability.
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