Adage Capital Partners GP L.L.C. Acquires 1,451,666 Shares of Kimbell Royalty $KRP

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in Kimbell Royalty by 604.9%, now owning 1,691,666 shares worth approximately $23.68 million.
• Kimbell Royalty recently reported earnings per share of $0.02, missing analysts' expectations, while revenue for the quarter was up 12.9% year-over-year.
• The company cut its quarterly dividend to $0.38 per share, resulting in an annualized dividend yield of 11.1%.

Adage Capital Partners GP L.L.C. grew its stake in shares of Kimbell Royalty (NYSE:KRP - Free Report) by 604.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,691,666 shares of the energy company's stock after purchasing an additional 1,451,666 shares during the period. Adage Capital Partners GP L.L.C. owned about 1.58% of Kimbell Royalty worth $23,683,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. American Century Companies Inc. lifted its holdings in shares of Kimbell Royalty by 15.1% during the first quarter. American Century Companies Inc. now owns 2,542,362 shares of the energy company's stock valued at $35,593,000 after purchasing an additional 334,009 shares during the last quarter. Ghisallo Capital Management LLC purchased a new stake in shares of Kimbell Royalty during the first quarter valued at $10,150,000. Epoch Investment Partners Inc. lifted its holdings in shares of Kimbell Royalty by 222.8% during the first quarter. Epoch Investment Partners Inc. now owns 672,420 shares of the energy company's stock valued at $9,414,000 after purchasing an additional 464,142 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Kimbell Royalty by 14.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 647,657 shares of the energy company's stock valued at $10,511,000 after purchasing an additional 82,499 shares during the last quarter. Finally, Energy Income Partners LLC lifted its holdings in shares of Kimbell Royalty by 231.4% during the first quarter. Energy Income Partners LLC now owns 585,969 shares of the energy company's stock valued at $8,204,000 after purchasing an additional 409,175 shares during the last quarter. 25.78% of the stock is owned by hedge funds and other institutional investors.

Kimbell Royalty Stock Up 0.9%

Shares of KRP traded up $0.13 during midday trading on Wednesday, reaching $13.75. 72,568 shares of the stock were exchanged, compared to its average volume of 724,008. Kimbell Royalty has a 12-month low of $10.98 and a 12-month high of $16.99. The firm has a 50 day simple moving average of $14.21 and a 200-day simple moving average of $13.69. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 0.72. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -343.88 and a beta of 0.57.

Kimbell Royalty (NYSE:KRP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The energy company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.12). The firm had revenue of $86.55 million for the quarter, compared to analysts' expectations of $79.77 million. Kimbell Royalty had a return on equity of 12.56% and a net margin of 10.67%.The firm's revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business earned $0.11 earnings per share. Research analysts forecast that Kimbell Royalty will post 0.65 EPS for the current year.

Kimbell Royalty Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 18th were issued a $0.38 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.52 dividend on an annualized basis and a yield of 11.1%. Kimbell Royalty's dividend payout ratio (DPR) is -3,800.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Zacks Research downgraded Kimbell Royalty from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 14th. KeyCorp reduced their price objective on Kimbell Royalty from $18.00 to $17.00 and set an "overweight" rating for the company in a research note on Wednesday, September 3rd. Finally, Wall Street Zen downgraded Kimbell Royalty from a "buy" rating to a "hold" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $17.20.

Insider Transactions at Kimbell Royalty

In other Kimbell Royalty news, insider Blayne Rhynsburger sold 3,600 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $13.74, for a total value of $49,464.00. Following the sale, the insider owned 43,663 shares of the company's stock, valued at $599,929.62. This trade represents a 7.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.60% of the stock is owned by company insiders.

About Kimbell Royalty