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

Shares of Permian Basin Royalty Trust (NYSE:PBT) shot up 5.2% during trading on Tuesday after the company announced a dividend. The company traded as high as $31.72 and last traded at $31.22. 88,124 shares traded hands during mid-day trading, a decline of 31% from the average session 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 issued a $0.0204 dividend. This represents a c) dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Friday, May 29th. Permian Basin Royalty Trust’s payout ratio is presently 140.62%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, March 30th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Permian Basin Royalty Trust currently has a consensus rating of “Sell”.

Permian Basin Royalty Trust Price Performance

The firm has a market capitalization of $1.46 billion, a PE ratio of 97.66 and a beta of 0.42. The firm has a 50-day simple moving average of $22.41 and a 200-day simple moving average of $19.82.

Permian Basin Royalty Trust (NYSE:PBT) last released 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 net margin of 88.99% and a return on equity of 9,061.81%. The firm had revenue of $3.57 million during the quarter.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Advisory Services LLC purchased a new stake in shares of Permian Basin Royalty Trust in the 4th quarter worth $28,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Permian Basin Royalty Trust in the 3rd quarter worth $40,000. NewEdge Advisors LLC increased its stake in shares of 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 purchasing an additional 1,304 shares in the last quarter. Atlantic Union Bankshares Corp increased its stake 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, Royal Bank of Canada increased its stake 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. 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.