Is Kimbell Royalty Partners LP overvalued or undervalued?

As of 24 February 2022, Kimbell Royalty Partners LP moved from risky to very attractive, indicating a significant improvement in its valuation grade. The company appears to be undervalued based on its current metrics. Key valuation ratios include a P/E ratio of 24, an EV to EBITDA of 7.98, and a Price to Book Value of 1.80, which suggest that the stock may be trading at a discount compared to its peers.
In comparison to its peers, Kimbell Royalty Partners LP's P/E ratio of 24 is notably higher than Blackstone Secured Lending Fund at 10.85 and Viper Energy, Inc. at 8.34, indicating that Kimbell may be overvalued relative to these companies. However, its EV to EBITDA ratio of 7.98 is more favorable than WisdomTree, Inc. at 12.05, suggesting some competitive strength. Despite recent underperformance, with a year-to-date return of -15.77% compared to the S&P 500's 12.22%, the overall valuation metrics position Kimbell Royalty Partners LP as an attractive investment opportunity.