Bank of America Corp DE Trims Position in Kimbell Royalty Partners, LP (NYSE:KRP)

Bank of America Corp DE cut its holdings in Kimbell Royalty Partners, LP (NYSE:KRP - Free Report) by 70.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,151 shares of the energy company's stock after selling 77,863 shares during the quarter. Bank of America Corp DE's holdings in Kimbell Royalty Partners were worth $538,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in KRP. TD Waterhouse Canada Inc. increased its holdings in shares of Kimbell Royalty Partners by 30.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 4,287 shares of the energy company's stock valued at $70,000 after purchasing an additional 1,000 shares during the period. Virtus ETF Advisers LLC increased its holdings in shares of Kimbell Royalty Partners by 10.3% in the fourth quarter. Virtus ETF Advisers LLC now owns 11,053 shares of the energy company's stock valued at $179,000 after purchasing an additional 1,035 shares during the period. Wedbush Securities Inc. increased its holdings in shares of Kimbell Royalty Partners by 3.4% in the fourth quarter. Wedbush Securities Inc. now owns 38,930 shares of the energy company's stock valued at $632,000 after purchasing an additional 1,298 shares during the period. PNC Financial Services Group Inc. acquired a new position in shares of Kimbell Royalty Partners in the fourth quarter valued at about $32,000. Finally, Parkside Financial Bank & Trust acquired a new stake in Kimbell Royalty Partners during the fourth quarter worth about $32,000. 25.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Blayne Rhynsburger sold 7,851 shares of the firm's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.86, for a total value of $108,814.86. Following the transaction, the insider now owns 49,263 shares in the company, valued at $682,785.18. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

KRP has been the topic of several analyst reports. Mizuho initiated coverage on Kimbell Royalty Partners in a report on Monday, March 31st. They set a "neutral" rating and a $16.00 target price on the stock. Bank of America dropped their target price on Kimbell Royalty Partners from $16.00 to $14.00 and set an "underperform" rating on the stock in a report on Tuesday, March 4th. Truist Financial lowered Kimbell Royalty Partners from a "buy" rating to a "hold" rating and dropped their target price for the stock from $22.00 to $16.00 in a report on Tuesday, March 4th. KeyCorp dropped their target price on Kimbell Royalty Partners from $20.00 to $18.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Finally, Wall Street Zen raised Kimbell Royalty Partners from a "hold" rating to a "buy" rating in a report on Saturday, May 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Kimbell Royalty Partners presently has an average rating of "Hold" and an average price target of $17.40.

Kimbell Royalty Partners Price Performance

KRP traded up $0.02 during trading on Friday, hitting $14.13. The company's stock had a trading volume of 655,611 shares, compared to its average volume of 615,377. The company has a current ratio of 5.20, a quick ratio of 5.20 and a debt-to-equity ratio of 0.40. Kimbell Royalty Partners, LP has a twelve month low of $10.98 and a twelve month high of $17.07. The business's fifty day simple moving average is $12.83 and its 200 day simple moving average is $14.37. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 27.71, a P/E/G ratio of 4.25 and a beta of 0.51.

Kimbell Royalty Partners (NYSE:KRP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The energy company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.15 by $0.05. Kimbell Royalty Partners had a return on equity of 5.82% and a net margin of 11.33%. The company had revenue of $84.21 million for the quarter, compared to analyst estimates of $84.05 million. During the same period last year, the company earned $0.04 earnings per share. Kimbell Royalty Partners's quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Kimbell Royalty Partners, LP will post 0.65 EPS for the current fiscal year.

Kimbell Royalty Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Tuesday, May 20th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 13.30%. The ex-dividend date was Tuesday, May 20th. This is an increase from Kimbell Royalty Partners's previous quarterly dividend of $0.40. Kimbell Royalty Partners's dividend payout ratio (DPR) is 3,760.00%.

About Kimbell Royalty Partners