Why KKR & Co. (KKR) Stock Is Gaining Today

NEW YORK (TheStreet) -- Shares of KKR & Co. LP  (KKR) are higher by 2.71% to $24.28 after the investment firm reported its first quarter results.

The firm reported a 3% year over year decline in profit as a result of lower appreciation of its investments, overshadowing a near-doubling in fees it received for managing assets and doing deals, Reuters reports.

The decline in earnings was less than most analysts expected, and the firm's first-quarter dividend, up 59% year-on-year on higher proceeds from asset sales, also exceeded most analysts' forecasts, Reuters noted.

The firm's private equity funds appreciated by 4.5%.

Economic net income, or ENI, was $630.3 million, below the 647.7 million of a year ago.

This translated into after-tax ENI of 82 cents per adjusted share versus the average 52 cents forecast by analysts in a Thomson Reuters poll.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

TheStreet Ratings team rates KKR & CO LP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate KKR & CO LP (KKR) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, growth in earnings per share, compelling growth in net income and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

If you liked this article you might like

Google or Amazon Should Acquire Toys "R" Us -- Bankruptcy Lawyer Says

Toys 'R' Us Store Employees Set for Higher Wages Despite Bankruptcy

Pret A Manger Takeover in the Works; Cisco's M&A Shackles Come Off - ICYMI

Toys 'R' Us Debt Load Tips It Into Chapter 11

Google's Awkward Relationship With Uber Could Get Even More Complicated