Permian Basin Royalty Trust (NYSE:PBT) Trading Down 4% – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT) shares dropped 4% on Monday . The company traded as low as $34.03 and last traded at $33.8710. 11,244 shares were traded during trading, a decline of 91% from the average daily volume of 127,594 shares. The stock had previously closed at $35.30.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Permian Basin Royalty Trust in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Permian Basin Royalty Trust Trading Down 0.6%

The stock has a fifty day moving average price of $32.54 and a 200 day moving average price of $27.40. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 94.49 and a beta of 0.50.

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

Permian Basin Royalty Trust Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.0196 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 0.7%. This is an increase from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. Permian Basin Royalty Trust’s payout ratio is currently 62.86%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PBT. Horizon Kinetics Asset Management LLC lifted its position in Permian Basin Royalty Trust by 1.5% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 6,187,800 shares of the oil and gas producer’s stock worth $105,069,000 after acquiring an additional 88,751 shares during the last quarter. Mad River Investors grew its position in shares of Permian Basin Royalty Trust by 1.7% in the first quarter. Mad River Investors now owns 1,003,140 shares of the oil and gas producer’s stock valued at $21,588,000 after purchasing an additional 16,321 shares during the last quarter. Moors & Cabot Inc. grew its position in shares of Permian Basin Royalty Trust by 10.5% in the fourth quarter. Moors & Cabot Inc. now owns 585,746 shares of the oil and gas producer’s stock valued at $9,946,000 after purchasing an additional 55,456 shares during the last quarter. Sei Investments Co. increased its stake in shares of Permian Basin Royalty Trust by 116.0% in the first quarter. Sei Investments Co. now owns 422,000 shares of the oil and gas producer’s stock worth $9,081,000 after purchasing an additional 226,600 shares during the period. Finally, Lido Advisors LLC increased its stake in shares of Permian Basin Royalty Trust by 3.5% in the fourth quarter. Lido Advisors LLC now owns 122,523 shares of the oil and gas producer’s stock worth $2,244,000 after purchasing an additional 4,182 shares during the period. 28.86% of the stock is currently owned by institutional investors and hedge funds.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust is a grantor trust that holds interests in oil and natural gas properties located in the Permian Basin of West Texas. The trust does not operate wells or directly market hydrocarbons; instead, it receives royalty and overriding royalty income from production associated with its underlying properties.

The trust’s interests primarily include properties in the Waddell Ranch area of Crane County, Texas, along with other royalty properties in the state. Revenue is derived from the sale of crude oil, natural gas and natural gas liquids produced by the operators of these properties.