HITE Hedge Asset Management LLC increased its holdings in shares of Kimbell Royalty (NYSE:KRP) by 20.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 136,014 shares of the energy company’s stock after purchasing an additional 23,524 shares during the period. HITE Hedge Asset Management LLC owned 0.82% of Kimbell Royalty worth $2,146,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in the stock. FMR LLC boosted its position in Kimbell Royalty by 7.2% during the 2nd quarter. FMR LLC now owns 940,182 shares of the energy company’s stock worth $15,823,000 after purchasing an additional 63,550 shares during the period. Lee Financial Co purchased a new position in Kimbell Royalty in the 3rd quarter valued at about $8,408,000. Morgan Stanley purchased a new position in Kimbell Royalty in the 1st quarter valued at about $4,907,000. Wells Fargo & Company MN boosted its position in Kimbell Royalty by 14.7% in the 2nd quarter. Wells Fargo & Company MN now owns 250,339 shares of the energy company’s stock valued at $4,213,000 after buying an additional 32,000 shares during the last quarter. Finally, Lucas Capital Management boosted its position in Kimbell Royalty by 8.3% in the 2nd quarter. Lucas Capital Management now owns 54,131 shares of the energy company’s stock valued at $911,000 after buying an additional 4,131 shares during the last quarter. 21.82% of the stock is owned by hedge funds and other institutional investors.
KRP has been the subject of a number of analyst reports. Royal Bank of Canada reissued a “buy” rating and issued a $19.00 price objective on shares of Kimbell Royalty in a research report on Tuesday, November 7th. Zacks Investment Research cut shares of Kimbell Royalty from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. Stifel Nicolaus set a $19.00 target price on shares of Kimbell Royalty and gave the company a “buy” rating in a research note on Friday, August 18th. Stephens restated an “overweight” rating and issued a $22.00 target price (down previously from $24.00) on shares of Kimbell Royalty in a research note on Wednesday, August 23rd. Finally, Imperial Capital started coverage on shares of Kimbell Royalty in a research note on Tuesday, August 15th. They issued an “outperform” rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $21.33.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 13th. Investors of record on Monday, November 6th were paid a dividend of $0.31 per share. This is a positive change from Kimbell Royalty’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, November 3rd. This represents a $1.24 annualized dividend and a yield of 7.70%.
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Kimbell Royalty Company Profile
Kimbell Royalty Partners, LP owns and acquires mineral and royalty interests in oil and natural gas properties throughout the United States. As of December 31, 2015, the Company owned mineral and royalty interests in approximately 3.7 million gross acres and overriding royalty interests in approximately 0.9 million gross acres, with approximately 44% of its acres located in the Permian Basin.
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