KeyBanc analyst Tim Rezvan upgraded Kimbell Royalty Partners (KRP) to Overweight from Sector Weight with a $17 price target The firm sees a yield of 13.5% over the next 12 months versus 10.5% previously under its prior oil outlook. The rally in oil prices should ease concerns on broader lower 48 state activity declines impacting production, the analyst tells investors in a research note. KeyBanc says a stronger oil price outlook “may bring sellers to the table for bolt-on acquisitions.”
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