Short Interest in PermRock Royalty Trust (NYSE:PRT) Grows By 57.1%

PermRock Royalty Trust (NYSE:PRT) saw a significant increase in short interest in May. As of May 29th, there was short interest totaling 111,144 shares, an increase of 57.1% from the May 14th total of 70,738 shares. Currently, 0.9% of the shares of the company are sold short. Based on an average daily volume of 97,272 shares, the days-to-cover ratio is presently 1.1 days.

PermRock Royalty Trust Stock Down 2.1%

NYSE:PRT traded down $0.05 during trading hours on Tuesday, hitting $2.06. 32,319 shares of the company’s stock traded hands, compared to its average volume of 63,794. The firm has a market cap of $25.01 million, a P/E ratio of 6.85 and a beta of 0.43. PermRock Royalty Trust has a 52 week low of $1.82 and a 52 week high of $4.28. The business’s fifty day simple moving average is $2.58 and its two-hundred day simple moving average is $3.10.

PermRock Royalty Trust (NYSE:PRT) last posted its quarterly earnings data on Thursday, May 14th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.06). The business had revenue of $0.66 million for the quarter, compared to the consensus estimate of $4.93 million. PermRock Royalty Trust had a net margin of 80.38% and a return on equity of 7.59%.

PermRock Royalty Trust Increases Dividend

The company also recently declared a monthly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were paid a dividend of $0.0027 per share. This represents a c) annualized dividend and a yield of 1.6%. This is an increase from PermRock Royalty Trust’s previous monthly dividend of $0.00. The ex-dividend date of this dividend was Friday, May 29th. PermRock Royalty Trust’s dividend payout ratio is presently 10.00%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded PermRock Royalty Trust to a “hold” rating in a research report on Saturday, March 21st.

Institutional Investors Weigh In On PermRock Royalty Trust

Hedge funds have recently added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new stake in PermRock Royalty Trust during the third quarter worth about $40,000. Cetera Investment Advisers bought a new stake in PermRock Royalty Trust during the first quarter worth about $51,000. Finally, Jane Street Group LLC bought a new stake in PermRock Royalty Trust during the fourth quarter worth about $53,000. Institutional investors own 41.67% of the company’s stock.

About PermRock Royalty Trust

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.