Stifel Nicolaus Initiates Coverage on PermRock Royalty Trust (PRT)

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Stifel Nicolaus initiated coverage on shares of PermRock Royalty Trust (NYSE:PRT) in a research report report published on Tuesday, May 29th, MarketBeat reports. The brokerage issued a buy rating and a $17.00 price target on the stock.

Separately, Jefferies Financial Group assumed coverage on shares of PermRock Royalty Trust in a research report on Tuesday, May 29th. They issued a buy rating and a $19.00 price target on the stock.

Shares of NYSE:PRT traded down $0.06 during mid-day trading on Tuesday, reaching $15.84. The stock had a trading volume of 8,604 shares, compared to its average volume of 133,477. PermRock Royalty Trust has a twelve month low of $14.78 and a twelve month high of $16.69.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Friday, June 29th will be issued a dividend of $0.114 per share. The ex-dividend date is Thursday, June 28th. This represents a $0.46 annualized dividend and a yield of 2.88%.

In other PermRock Royalty Trust news, major shareholder Boaz Energy Ii, Llc sold 6,250,000 shares of the firm’s stock in a transaction that occurred on Friday, May 4th. The shares were 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 SEC, which is available 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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