Permian Basin Royalty Trust (NYSE:PBT) Shares Up 5.2% After Dividend Announcement

Permian Basin Royalty Trust (NYSE:PBT)’s stock price was up 5.2% during mid-day trading on Tuesday following a dividend announcement from the company. The company traded as high as $31.72 and last traded at $31.22. Approximately 88,124 shares traded hands during trading, a decline of 31% from the average daily volume of 127,367 shares. The stock had previously closed at $29.69.

The newly announced dividend which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.0204 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a c) annualized dividend and a dividend yield of 0.8%. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is presently 140.62%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Permian Basin Royalty Trust Stock Performance

The business has a 50-day moving average price of $22.41 and a 200 day moving average price of $19.82. The stock has a market capitalization of $1.46 billion, a P/E ratio of 97.66 and a beta of 0.42.

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

Institutional Trading of Permian Basin Royalty Trust

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in shares of 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 worth $166,000 after purchasing an additional 558 shares in the last quarter. HighTower Advisors LLC boosted its position in shares of Permian Basin Royalty Trust by 0.8% in the 4th quarter. HighTower Advisors LLC now owns 71,697 shares of the oil and gas producer’s stock worth $1,217,000 after purchasing an additional 604 shares in the last quarter. BWM Planning LLC boosted its position in shares of Permian Basin Royalty Trust by 0.6% in the 3rd quarter. BWM Planning LLC now owns 104,397 shares of the oil and gas producer’s stock worth $1,905,000 after purchasing an additional 672 shares in the last quarter. Atlantic Union Bankshares Corp boosted its position in shares of Permian Basin Royalty Trust by 16.2% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer’s stock worth $138,000 after purchasing an additional 1,058 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Permian Basin Royalty Trust by 53.1% in 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. 28.86% of the stock is owned by 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.