PNC Financial Services Group Inc. Buys Shares of 1,945 Kimbell Royalty Partners, LP (NYSE:KRP)

PNC Financial Services Group Inc. purchased a new position in shares of Kimbell Royalty Partners, LP (NYSE:KRP) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 1,945 shares of the energy company’s stock, valued at approximately $32,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in Kimbell Royalty Partners during the 4th quarter valued at about $30,449,000. U.S. Capital Wealth Advisors LLC grew its stake in shares of Kimbell Royalty Partners by 38.4% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 267,015 shares of the energy company’s stock worth $4,334,000 after acquiring an additional 74,098 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of Kimbell Royalty Partners by 3.3% during the third quarter. Stifel Financial Corp now owns 235,945 shares of the energy company’s stock valued at $3,796,000 after acquiring an additional 7,626 shares in the last quarter. Accordant Advisory Group Inc increased its holdings in shares of Kimbell Royalty Partners by 10.3% during the fourth quarter. Accordant Advisory Group Inc now owns 211,422 shares of the energy company’s stock valued at $3,431,000 after acquiring an additional 19,716 shares in the last quarter. Finally, GraniteShares Advisors LLC raised its position in shares of Kimbell Royalty Partners by 7.1% in the 4th quarter. GraniteShares Advisors LLC now owns 151,926 shares of the energy company’s stock valued at $2,466,000 after purchasing an additional 10,026 shares during the last quarter. Hedge funds and other institutional investors own 25.78% of the company’s stock.

Insider Activity at Kimbell Royalty Partners

In other Kimbell Royalty Partners news, insider Blayne Rhynsburger sold 7,851 shares of Kimbell Royalty Partners stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.86, for a total transaction of $108,814.86. Following the completion of the sale, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.60% of the stock is currently owned by insiders.

Kimbell Royalty Partners Stock Performance

NYSE KRP opened at $14.26 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 5.20 and a current ratio of 5.20. The stock’s fifty day moving average is $14.99 and its two-hundred day moving average is $15.63. The firm has a market capitalization of $1.53 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 4.25 and a beta of 1.01. Kimbell Royalty Partners, LP has a fifty-two week low of $13.24 and a fifty-two week high of $17.07.

Kimbell Royalty Partners Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 11.22%. The ex-dividend date of this dividend was Tuesday, March 18th. Kimbell Royalty Partners’s payout ratio is presently -1,454.55%.

Wall Street Analysts Forecast Growth

KRP has been the topic of several research reports. Truist Financial downgraded Kimbell Royalty Partners from a “buy” rating to a “hold” rating and cut their target price for the company from $22.00 to $16.00 in a research report on Tuesday, March 4th. Bank of America cut their price objective 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. Raymond James reaffirmed a “market perform” rating on shares of Kimbell Royalty Partners in a report on Monday, March 3rd. Finally, Royal Bank of Canada upgraded shares of Kimbell Royalty Partners to a “moderate buy” rating in a report on Friday, March 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.25.

Kimbell Royalty Partners Company Profile