Permian Basin Royalty Trust (NYSE:PBT) Sets New 52-Week High – Should You Buy?

Permian Basin Royalty Trust (NYSE:PBT) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.50 and last traded at $21.3750, with a volume of 50440 shares. The stock had previously closed at $20.83.

Permian Basin Royalty Trust Trading Up 1.5%

The stock has a 50-day moving average price of $19.22 and a 200 day moving average price of $18.37. The stock has a market capitalization of $985.75 million, a price-to-earnings ratio of 62.50 and a beta of 0.43.

Permian Basin Royalty Trust Cuts Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a dividend of $0.0142 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 0.8%. Permian Basin Royalty Trust’s payout ratio is currently 50.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PBT. Geneos Wealth Management Inc. acquired a new position in shares of Permian Basin Royalty Trust in the 3rd quarter valued at $27,000. Kestra Advisory Services LLC purchased a new position in shares of Permian Basin Royalty Trust in the fourth quarter valued at $28,000. Foster Dykema Cabot & Partners LLC acquired a new stake in Permian Basin Royalty Trust during the 3rd quarter valued at $40,000. NewEdge Advisors LLC raised its holdings in shares of Permian Basin Royalty Trust by 53.1% in the second 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. Finally, Atlantic Union Bankshares Corp lifted its position in shares of Permian Basin Royalty Trust by 16.2% in the third quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer’s stock valued at $138,000 after acquiring an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 28.86% of the company’s stock.

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.