UBS Group Begins Coverage on PermRock Royalty Trust (NYSE:PRT)

UBS Group assumed coverage on shares of PermRock Royalty Trust (NYSE:PRT) in a report released on Tuesday, May 29th, www.benzinga.com reports. The brokerage issued a buy rating and a $17.00 price objective on the stock.

A number of other research analysts have also issued reports on PRT. Jefferies Financial Group initiated coverage on PermRock Royalty Trust in a report on Tuesday, May 29th. They issued a buy rating and a $19.00 target price for the company. Stifel Nicolaus initiated coverage on PermRock Royalty Trust in a report on Tuesday, May 29th. They issued a buy rating and a $17.00 target price for the company.

Shares of PermRock Royalty Trust traded up $0.01, reaching $16.10, during trading on Tuesday, according to MarketBeat Ratings. The stock had a trading volume of 32,100 shares, compared to its average volume of 140,447. PermRock Royalty Trust has a fifty-two week low of $14.78 and a fifty-two week high of $16.69.

The firm also recently declared a monthly dividend, which will be paid on Thursday, June 14th. Shareholders of record on Thursday, May 31st will be issued a dividend of $0.166 per share. This represents a $1.99 dividend on an annualized basis and a yield of 12.37%. The ex-dividend date of this dividend is Wednesday, May 30th.

In other PermRock Royalty Trust news, major shareholder Boaz Energy Ii, Llc sold 6,250,000 shares of PermRock Royalty Trust stock in a transaction dated Friday, May 4th. The stock was sold at an average price of $17.00, for a total transaction of $106,250,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

About PermRock Royalty Trust

PermRock Royalty Trust owns 80% net profits interest in the oil and natural gas production properties acquired by Boaz Energy II, LLC in the Permian Basin, Texas. The company was founded in 2017 and is based in Fort Worth, Texas.

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