SandRidge Permian Trust (PER) Shares Up 8%
SandRidge Permian Trust (NYSE:PER) shares shot up 8% during mid-day trading on Tuesday . The stock traded as high as $2.75 and last traded at $2.71, with a volume of 127,847 shares traded. The stock had previously closed at $2.51.
Several brokerages recently issued reports on PER. Canaccord Genuity reaffirmed a “buy” rating on shares of SandRidge Permian Trust in a research report on Monday, August 15th. Roth Capital reaffirmed a “buy” rating on shares of SandRidge Permian Trust in a research report on Tuesday, July 12th.
The company has a market capitalization of $136.50 million and a price-to-earnings ratio of 3.44. The stock has a 50-day moving average of $2.61 and a 200 day moving average of $2.57.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Shareholders of record on Friday, August 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 10th. This is an increase from SandRidge Permian Trust’s previous quarterly dividend of $0.09. This represents a $0.48 dividend on an annualized basis and a yield of 18.46%.
Sandridge Permian Trust (the Trust) is a statutory trust. The Trust holds Royalty Interests in specified oil and natural gas properties in the Permian Basin located in Andrews County, Texas. The Trust’s business activities are generally limited to owning the Royalty Interests, and entering into hedging arrangements at the inception of the Trust and activities related thereto, including activities required or permitted by the terms of the conveyances related to the Royalty Interests.
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