Permian Basin Royalty Trust (NYSE:PBT) Sees Strong Trading Volume – Still a Buy?

Permian Basin Royalty Trust (NYSE:PBT) saw unusually-high trading volume on Tuesday . Approximately 90,089 shares traded hands during trading, an increase of 10% from the previous session’s volume of 82,268 shares.The stock last traded at $22.1350 and had previously closed at $21.01.

Permian Basin Royalty Trust Trading Down 2.1%

The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 64.90 and a beta of 0.43. The stock’s fifty day simple moving average is $19.57 and its 200-day simple moving average is $18.51.

Permian Basin Royalty Trust Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.0107 per share. This represents a c) annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, March 31st. Permian Basin Royalty Trust’s payout ratio is presently 50.00%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Several large investors have recently bought and sold shares of PBT. Creative Planning boosted its stake in shares of Permian Basin Royalty Trust by 14.5% in the 2nd quarter. Creative Planning now owns 14,995 shares of the oil and gas producer’s stock valued at $187,000 after buying an additional 1,903 shares during the period. JPMorgan Chase & Co. grew its position in shares of Permian Basin Royalty Trust by 2,233.8% during the second quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer’s stock worth $1,300,000 after buying an additional 99,829 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Permian Basin Royalty Trust during the second quarter worth approximately $188,000. Quadrature Capital Ltd acquired a new stake in Permian Basin Royalty Trust in the second quarter valued at approximately $232,000. Finally, Virtus Investment Advisers LLC raised its holdings in Permian Basin Royalty Trust by 7.1% in the second quarter. Virtus Investment Advisers LLC now owns 14,369 shares of the oil and gas producer’s stock valued at $179,000 after acquiring an additional 949 shares in the last quarter. Hedge funds and other institutional investors own 28.86% of the company’s stock.

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.