SandRidge Permian Trust (PER) Shares Up 3.1%
SandRidge Permian Trust (NYSE:PER)’s share price shot up 3.1% during mid-day trading on Friday . The company traded as high as $2.64 and last traded at $2.62, with a volume of 70,616 shares traded. The stock had previously closed at $2.54.
A number of brokerages have issued reports on PER. Canaccord Genuity reissued a “buy” rating on shares of SandRidge Permian Trust in a report on Monday, August 15th. Roth Capital reaffirmed a “buy” rating on shares of SandRidge Permian Trust in a report on Tuesday, July 12th.
The firm has a market cap of $137.02 million and a P/E ratio of 3.45. The firm’s 50 day moving average price is $2.63 and its 200-day moving average price is $2.58.
The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 12th were issued a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $0.48 annualized dividend and a yield of 18.60%. This is an increase from SandRidge Permian Trust’s previous quarterly dividend of $0.09.
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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