RBC Boosts Stake in Kimbell Royalty Partners LP with $8.63 Million Investment
Royal Bank of Canada (RBC) has significantly increased its stake in Kimbell Royalty Partners LP, adding 144,644 shares to its position during the first quarter. This boost raised RBC's total holding to 596,687 shares, representing a 32% increase from the previous quarter.
The value of this investment is estimated at $8.63 million, making up about 0.55% of Kimbell Royalty Partners LP's outstanding shares. The company's stock opened at $14.95 on Monday and has seen fluctuations in its price over the past year, ranging from a low of $11.31 to a high of $15.80.
Kimbell Royalty Partners LP reported strong second-quarter earnings, beating expectations with a profit of $0.40 per common unit and revenue reaching $112.5 million, exceeding forecasts of $93.5 million. The company also declared a $0.47-per-unit quarterly distribution, representing a 15% increase from the previous quarter.