Truist Financial Corp decreased its holdings in shares of Kimbell Royalty (NYSE:KRP – Free Report) by 43.1% in the fourth quarter, HoldingsChannel reports. The firm owned 68,472 shares of the energy company’s stock after selling 51,891 shares during the quarter. Truist Financial Corp’s holdings in Kimbell Royalty were worth $805,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of KRP. State of Wyoming bought a new position in Kimbell Royalty during the 3rd quarter valued at approximately $62,000. Sowell Financial Services LLC bought a new position in Kimbell Royalty during the 4th quarter valued at approximately $120,000. Wealth Enhancement Advisory Services LLC bought a new position in Kimbell Royalty during the 4th quarter valued at approximately $130,000. Three Seasons Wealth LLC bought a new position in Kimbell Royalty during the 4th quarter valued at approximately $133,000. Finally, SageGuard Financial Group LLC bought a new position in Kimbell Royalty during the 4th quarter valued at approximately $134,000. Institutional investors own 25.78% of the company’s stock.
Insider Activity
In other news, insider Blayne Rhynsburger sold 6,609 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $14.48, for a total value of $95,698.32. Following the completion of the transaction, the insider owned 75,163 shares of the company’s stock, valued at approximately $1,088,360.24. This represents a 8.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.60% of the company’s stock.
Kimbell Royalty Stock Up 0.1%
Kimbell Royalty (NYSE:KRP – Get Free Report) last announced its earnings results on Thursday, May 7th. The energy company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.19). Kimbell Royalty had a return on equity of 11.70% and a net margin of 22.76%.The firm had revenue of $65.54 million during the quarter, compared to the consensus estimate of $90.25 million. During the same period in the prior year, the company posted $0.20 EPS. The firm’s revenue was down 6.7% on a year-over-year basis. As a group, equities research analysts anticipate that Kimbell Royalty will post 1.04 EPS for the current fiscal year.
Kimbell Royalty declared that its board has authorized a share buyback plan on Monday, March 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the energy company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Kimbell Royalty Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 27th. Stockholders of record on Tuesday, May 19th will be given a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $1.64 annualized dividend and a dividend yield of 10.6%. This is an increase from Kimbell Royalty’s previous quarterly dividend of $0.37. Kimbell Royalty’s dividend payout ratio is currently 321.74%.
Wall Street Analyst Weigh In
A number of research firms have commented on KRP. Citigroup upped their price target on Kimbell Royalty from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, March 31st. Mizuho lowered their price target on Kimbell Royalty from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, February 27th. Weiss Ratings lowered Kimbell Royalty from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday. KeyCorp raised Kimbell Royalty from a “sector weight” rating to an “overweight” rating and set a $17.00 price target for the company in a research report on Thursday, April 2nd. Finally, Wall Street Zen lowered Kimbell Royalty from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.33.
Get Our Latest Stock Report on KRP
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.
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