Permian Basin Royalty Trust (NYSE:PBT) Stock Price Up 6.2% – Here’s What Happened

Shares of Permian Basin Royalty Trust (NYSE:PBT) were up 6.2% during trading on Thursday . The company traded as high as $35.00 and last traded at $35.22. Approximately 15,828 shares were traded during trading, a decline of 88% from the average session volume of 131,461 shares. The stock had previously closed at $33.17.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Permian Basin Royalty Trust in a research note on Tuesday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, Permian Basin Royalty Trust currently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Trading Up 0.7%

The stock’s fifty day simple moving average is $28.66 and its 200 day simple moving average is $24.99. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 98.03 and a beta of 0.48.

Permian Basin Royalty Trust (NYSE:PBT) last issued its earnings results on Thursday, August 13th. The oil and gas producer reported $0.08 earnings per share for the quarter. The business had revenue of $4.18 million for the quarter. Permian Basin Royalty Trust had a return on equity of 9,990.08% and a net margin of 91.96%.

Permian Basin Royalty Trust Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.0187 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) dividend on an annualized basis and a yield of 0.7%. Permian Basin Royalty Trust’s payout ratio is 148.57%.

Institutional Trading of Permian Basin Royalty Trust

Large investors have recently added to or reduced their stakes in the stock. SoftVest Advisors LLC raised its holdings in shares of Permian Basin Royalty Trust by 40.1% during the 2nd quarter. SoftVest Advisors LLC now owns 6,206,624 shares of the oil and gas producer’s stock worth $77,335,000 after acquiring an additional 1,776,929 shares during the period. Sei Investments Co. grew its holdings in shares of Permian Basin Royalty Trust by 116.0% in the first quarter. Sei Investments Co. now owns 422,000 shares of the oil and gas producer’s stock valued at $9,081,000 after purchasing an additional 226,600 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Permian Basin Royalty Trust by 2,233.8% in the second quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer’s stock valued at $1,300,000 after purchasing an additional 99,829 shares during the period. UBS Group AG grew its holdings in shares of Permian Basin Royalty Trust by 170.1% in the third quarter. UBS Group AG now owns 147,578 shares of the oil and gas producer’s stock valued at $2,693,000 after purchasing an additional 92,936 shares during the period. Finally, Horizon Kinetics Asset Management LLC increased its position in Permian Basin Royalty Trust by 1.5% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 6,187,800 shares of the oil and gas producer’s stock worth $105,069,000 after purchasing an additional 88,751 shares during the last quarter. 28.86% of the stock is currently owned by hedge funds and other institutional investors.

Permian Basin Royalty Trust Company Profile

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.