Permian Basin Royalty Trust (NYSE:PBT) Stock Falls 5.8% – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT)’s stock price was down 5.8% during trading on Tuesday. The stock traded as low as $29.70 and last traded at $29.79. 11,963 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 133,203 shares. The stock had previously closed at $31.62.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat, the company currently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Stock Down 3.8%

The stock has a market capitalization of $1.36 billion, a PE ratio of 83.74 and a beta of 0.39. The stock’s 50-day moving average is $33.79 and its 200 day moving average is $26.83.

Permian Basin Royalty Trust (NYSE:PBT) last issued 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 net margin of 91.96% and a return on equity of 9,990.08%. The company had revenue of $4.18 million during the quarter.

Permian Basin Royalty Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.0452 per share. The ex-dividend date is Friday, October 30th. This represents a $0.54 annualized dividend and a dividend yield of 1.9%. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.0196. Permian Basin Royalty Trust’s dividend payout ratio is presently 154.29%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CX Institutional boosted its holdings in Permian Basin Royalty Trust by 31.5% in the third quarter. CX Institutional now owns 2,773 shares of the oil and gas producer’s stock worth $87,000 after purchasing an additional 664 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Permian Basin Royalty Trust by 25.1% in the second quarter. NewEdge Advisors LLC now owns 3,493 shares of the oil and gas producer’s stock worth $87,000 after buying an additional 701 shares during the last quarter. Post Resch Tallon Group Inc. boosted its stake in shares of Permian Basin Royalty Trust by 10.2% during the 3rd quarter. Post Resch Tallon Group Inc. now owns 9,261 shares of the oil and gas producer’s stock worth $292,000 after acquiring an additional 859 shares in the last quarter. Corient Private Wealth LP boosted its stake in shares of Permian Basin Royalty Trust by 10.4% during the 2nd quarter. Corient Private Wealth LP now owns 20,865 shares of the oil and gas producer’s stock worth $522,000 after acquiring an additional 1,974 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Permian Basin Royalty Trust during the 2nd quarter worth about $114,000. Institutional investors own 28.86% of the company’s stock.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust (NYSE: PBT) 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 explore for, develop, or operate properties itself. Instead, it receives proceeds generated from the production and sale of hydrocarbons from properties in which it owns royalty or net profits interests.

The trust’s principal interests include properties associated with the Waddell Ranch in Texas, as well as additional Texas royalty properties.