Permian Basin Royalty Trust (NYSE:PBT) Sees Large Volume Increase – Here’s What Happened

Permian Basin Royalty Trust (NYSE:PBT) shares saw strong trading volume on Monday . 75,285 shares traded hands during trading, an increase of 20% from the previous session’s volume of 62,712 shares.The stock last traded at $19.82 and had previously closed at $19.32.

Permian Basin Royalty Trust Price Performance

The stock has a market cap of $937.33 million, a price-to-earnings ratio of 59.15 and a beta of 0.46. The business’s fifty day simple moving average is $18.24 and its 200 day simple moving average is $17.93.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a dividend of $0.0142 per share. This represents a c) dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, February 27th. Permian Basin Royalty Trust’s dividend payout ratio is currently 141.18%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several institutional investors have recently made changes to their positions in the stock. Horizon Kinetics Asset Management LLC grew its stake in Permian Basin Royalty Trust by 41.3% during the 2nd quarter. Horizon Kinetics Asset Management LLC now owns 5,839,825 shares of the oil and gas producer’s stock worth $72,764,000 after buying an additional 1,705,498 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Permian Basin Royalty Trust by 4,701.1% during the second quarter. Bessemer Group Inc. now owns 96,021 shares of the oil and gas producer’s stock valued at $1,196,000 after acquiring an additional 94,021 shares during the period. Moors & Cabot Inc. grew its position in shares of Permian Basin Royalty Trust by 4.5% during the second quarter. Moors & Cabot Inc. now owns 530,208 shares of the oil and gas producer’s stock worth $6,606,000 after acquiring an additional 22,915 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Permian Basin Royalty Trust in the 2nd quarter worth about $81,000. Finally, Advisory Services Network LLC lifted its position in Permian Basin Royalty Trust by 327.9% in the 2nd quarter. Advisory Services Network LLC now owns 246,391 shares of the oil and gas producer’s stock valued at $3,299,000 after purchasing an additional 188,807 shares during the last quarter. 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.