Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Up – Still a Buy?

Permian Basin Royalty Trust (NYSE:PBT) gapped up before the market opened on Tuesday . The stock had previously closed at $32.92, but opened at $33.98. Permian Basin Royalty Trust shares last traded at $32.9890, with a volume of 4,572 shares changing hands.

Analyst Upgrades and Downgrades

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

Permian Basin Royalty Trust Trading Up 1.1%

The firm has a market cap of $1.55 billion, a PE ratio of 94.59 and a beta of 0.48. The business’s 50-day simple moving average is $28.22 and its 200 day simple moving average is $24.60.

Permian Basin Royalty Trust (NYSE:PBT) last announced its quarterly earnings results on Thursday, August 13th. The oil and gas producer reported $0.08 earnings per share for the quarter. Permian Basin Royalty Trust had a net margin of 91.96% and a return on equity of 9,990.08%. The firm had revenue of $4.18 million during the quarter.

Permian Basin Royalty Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $0.0436 dividend. This represents a c) dividend on an annualized basis and a yield of 1.6%. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. The ex-dividend date of this dividend was Friday, July 31st. Permian Basin Royalty Trust’s payout ratio is presently 148.57%.

Institutional Trading of Permian Basin Royalty Trust

A number of hedge funds have recently bought and sold shares of PBT. Creative Planning boosted its position in Permian Basin Royalty Trust by 14.5% during the 2nd quarter. Creative Planning now owns 14,995 shares of the oil and gas producer’s stock valued at $187,000 after acquiring an additional 1,903 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Permian Basin Royalty Trust by 2,233.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer’s stock worth $1,300,000 after acquiring an additional 99,829 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Permian Basin Royalty Trust in the 2nd quarter worth $188,000. NewEdge Advisors LLC lifted its stake in shares of Permian Basin Royalty Trust by 53.1% during 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 during the last quarter. Finally, Raymond James Financial Inc. lifted its stake in shares of Permian Basin Royalty Trust by 145.1% during the 2nd quarter. Raymond James Financial Inc. now owns 64,466 shares of the oil and gas producer’s stock worth $803,000 after purchasing an additional 38,164 shares during 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.