Kimbell Royalty (NYSE:KRP) Price Target Raised to $17.00 at Citigroup

Kimbell Royalty (NYSE:KRP) had its price target upped by Citigroup from $15.00 to $17.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the energy company’s stock.

KRP has been the subject of several other reports. Mizuho decreased their price objective on Kimbell Royalty from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, February 27th. Zacks Research cut shares of Kimbell Royalty from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Weiss Ratings raised shares of Kimbell Royalty from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, February 2nd. KeyCorp restated a “sector weight” rating on shares of Kimbell Royalty in a research note on Monday, November 24th. Finally, Wall Street Zen cut shares of Kimbell Royalty from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Kimbell Royalty has a consensus rating of “Hold” and an average price target of $16.67.

Kimbell Royalty Stock Up 3.4%

KRP opened at $14.60 on Wednesday. The business’s 50-day simple moving average is $13.38 and its 200-day simple moving average is $13.16. The company has a debt-to-equity ratio of 0.72, a quick ratio of 8.64 and a current ratio of 8.64. Kimbell Royalty has a one year low of $10.98 and a one year high of $15.12. The stock has a market capitalization of $1.58 billion, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 3.57 and a beta of 0.30.

Kimbell Royalty (NYSE:KRP) last announced its earnings results on Thursday, February 26th. The energy company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.07. The firm had revenue of $82.45 million during the quarter, compared to analysts’ expectations of $76.78 million. Kimbell Royalty had a return on equity of 13.73% and a net margin of 26.43%.The business’s revenue was up 23.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.48) EPS. Analysts anticipate that Kimbell Royalty will post 0.65 EPS for the current year.

Kimbell Royalty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 18th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, March 18th. This represents a $1.48 annualized dividend and a yield of 10.1%. This is an increase from Kimbell Royalty’s previous quarterly dividend of $0.35. Kimbell Royalty’s dividend payout ratio is presently 225.81%.

Kimbell Royalty declared that its Board of Directors has approved a share buyback program on Monday, March 9th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the energy company to buy up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Kimbell Royalty

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC raised its holdings in Kimbell Royalty by 151.0% during the second quarter. SG Americas Securities LLC now owns 39,595 shares of the energy company’s stock worth $553,000 after purchasing an additional 23,820 shares in the last quarter. Mirador Capital Partners LP boosted its holdings in Kimbell Royalty by 279.5% in the 3rd quarter. Mirador Capital Partners LP now owns 238,266 shares of the energy company’s stock valued at $3,214,000 after purchasing an additional 175,480 shares in the last quarter. AlphaCore Capital LLC increased its position in Kimbell Royalty by 18.9% during the 2nd quarter. AlphaCore Capital LLC now owns 237,420 shares of the energy company’s stock worth $3,314,000 after purchasing an additional 37,750 shares during the period. Beacon Pointe Advisors LLC raised its stake in shares of Kimbell Royalty by 200.9% during the 2nd quarter. Beacon Pointe Advisors LLC now owns 129,243 shares of the energy company’s stock worth $1,804,000 after buying an additional 86,291 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new position in shares of Kimbell Royalty during the 2nd quarter worth approximately $944,000. Hedge funds and other institutional investors own 25.78% of the company’s stock.

About Kimbell Royalty

Kimbell Royalty Partners LP (NYSE: KRP) is a mineral and royalty company focused on acquiring and managing oil and natural gas royalty interests in the United States. As a master limited partnership, Kimbell Royalty generates fee-like revenues by collecting royalties and overriding royalty interests on production volumes, without directly bearing the capital or operating costs of drilling and completion activities. The partnership’s business model emphasizes steady cash flows and limited downside exposure to commodity price fluctuations.

The company’s asset portfolio spans multiple onshore basins, with a core concentration in Texas and New Mexico.