Permian Basin Royalty Trust (NYSE:PBT) Shares Up 8.7% – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT) shares rose 8.7% during trading on Wednesday . The stock traded as high as $30.78 and last traded at $30.45. 62,257 shares traded hands during trading, a decline of 50% from the average daily volume of 124,704 shares. The stock had previously closed at $28.00.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Permian Basin Royalty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Permian Basin Royalty Trust presently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Trading Up 2.1%

The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 92.95 and a beta of 0.48. The stock’s 50-day moving average price is $27.50 and its 200-day moving average price is $23.44.

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

Permian Basin Royalty Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $0.0436 per share. This represents a c) dividend on an annualized basis and a yield of 1.8%. This is an increase from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. The ex-dividend date of this dividend is Friday, July 31st. Permian Basin Royalty Trust’s payout ratio is currently 93.75%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC acquired a new position in shares of Permian Basin Royalty Trust in the 4th quarter valued at about $28,000. NewEdge Advisors LLC grew its stake in Permian Basin Royalty Trust by 53.1% during the second 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 during the period. CX Institutional grew its stake in Permian Basin Royalty Trust by 80.3% during the second quarter. CX Institutional now owns 2,109 shares of the oil and gas producer’s stock worth $53,000 after purchasing an additional 939 shares during the period. Bank of America Corp DE increased its holdings in Permian Basin Royalty Trust by 27.0% in the second quarter. Bank of America Corp DE now owns 13,037 shares of the oil and gas producer’s stock worth $162,000 after purchasing an additional 2,769 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in Permian Basin Royalty Trust by 6.0% in the fourth 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. 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.