Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Down – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT) shares gapped down before the market opened on Thursday . The stock had previously closed at $25.56, but opened at $24.54. Permian Basin Royalty Trust shares last traded at $24.8450, with a volume of 2,808 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Permian Basin Royalty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Permian Basin Royalty Trust has a consensus rating of “Hold”.

Permian Basin Royalty Trust Trading Down 2.2%

The stock has a fifty day moving average price of $26.31 and a 200 day moving average price of $21.73. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 76.42 and a beta of 0.49.

Permian Basin Royalty Trust (NYSE:PBT) last posted its earnings results on Thursday, May 14th. The oil and gas producer reported $0.06 earnings per share for the quarter. The firm had revenue of $3.57 million during the quarter. Permian Basin Royalty Trust had a return on equity of 9,061.81% and a net margin of 88.99%.

Permian Basin Royalty Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.0247 dividend. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. This represents a c) dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, June 30th. Permian Basin Royalty Trust’s payout ratio is 75.00%.

Institutional Trading of Permian Basin Royalty Trust

Several large investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in Permian Basin Royalty Trust by 6.0% in the 4th quarter. Royal Bank of Canada now owns 9,802 shares of the oil and gas producer’s stock valued at $166,000 after buying an additional 558 shares during the last quarter. HighTower Advisors LLC lifted its position in Permian Basin Royalty Trust by 0.8% during the 4th quarter. HighTower Advisors LLC now owns 71,697 shares of the oil and gas producer’s stock worth $1,217,000 after acquiring an additional 604 shares during the last quarter. NewEdge Advisors LLC lifted its position in Permian Basin Royalty Trust by 53.1% during the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock worth $47,000 after acquiring an additional 1,304 shares during the last quarter. Welch Group LLC boosted its holdings in Permian Basin Royalty Trust by 8.4% during the first quarter. Welch Group LLC now owns 19,298 shares of the oil and gas producer’s stock valued at $415,000 after acquiring an additional 1,500 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in Permian Basin Royalty Trust during the fourth quarter valued at about $28,000. 28.86% of the stock is owned by institutional investors.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust (NYSE: PBT) is a passive investment vehicle that holds overriding royalty interests in oil and gas properties located in the Permian Basin region of West Texas. Established in 1980 by Apache Oil Company, the Trust does not engage in exploration or production activities. Instead, it owns net profit interests on specified acreage, allowing unitholders to participate directly in the cash flows generated by hydrocarbon extraction without bearing the costs or risks associated with day-to-day field operations.

The Trust’s interests cover acreage predominantly in Reeves and Loving Counties, where mature wells have been developed over several decades.