KIMBELL ROYALTY’s (NYSE:KRP) lock-up period will expire on Wednesday, August 2nd. KIMBELL ROYALTY had issued 5,000,000 shares in its initial public offering on February 3rd. The total size of the offering was $90,000,000 based on an initial share price of $18.00. After the expiration of the company’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.
Several equities analysts have weighed in on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and set a $22.00 price target on shares of KIMBELL ROYALTY in a report on Monday, July 24th. Imperial Capital assumed coverage on shares of KIMBELL ROYALTY in a report on Tuesday. They set an “outperform” rating and a $20.00 price target on the stock. Zacks Investment Research raised shares of KIMBELL ROYALTY from a “sell” rating to a “hold” rating in a report on Saturday, June 3rd. Finally, Stifel Nicolaus set a $19.00 target price on shares of KIMBELL ROYALTY and gave the stock a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $21.80.
KIMBELL ROYALTY (KRP) opened at 15.84 on Friday. The firm’s 50-day moving average is $16.06 and its 200-day moving average is $18.25. The company’s market cap is $258.70 million. KIMBELL ROYALTY has a 52-week low of $15.06 and a 52-week high of $20.89.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, August 7th were issued a $0.30 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 7.58%.
In other KIMBELL ROYALTY news, Director Mitch S. Wynne acquired 2,000 shares of the stock in a transaction on Thursday, June 22nd. The stock was purchased at an average price of $16.19 per share, for a total transaction of $32,380.00. Following the purchase, the director now directly owns 22,637 shares in the company, valued at $366,493.03. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Adams III acquired 4,772 shares of the stock in a transaction on Friday, June 23rd. The shares were acquired at an average price of $15.87 per share, with a total value of $75,731.64. Following the purchase, the director now owns 5,072 shares in the company, valued at $80,492.64. The disclosure for this purchase can be found here. In the last quarter, insiders bought 11,459 shares of company stock valued at $183,572.
A number of large investors have recently modified their holdings of KRP. FMR LLC acquired a new stake in shares of KIMBELL ROYALTY during the first quarter worth $17,094,000. Wellington Management Group LLP acquired a new stake in shares of KIMBELL ROYALTY during the first quarter worth $13,766,000. Morgan Stanley acquired a new stake in shares of KIMBELL ROYALTY during the first quarter worth $4,907,000. HITE Hedge Asset Management LLC acquired a new stake in shares of KIMBELL ROYALTY during the first quarter worth $2,194,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of KIMBELL ROYALTY during the first quarter worth $999,000. Hedge funds and other institutional investors own 20.48% of the company’s stock.
About KIMBELL ROYALTY
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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