Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Down – What’s Next?

Shares of Permian Basin Royalty Trust (NYSE:PBT) gapped down before the market opened on Wednesday . The stock had previously closed at $21.52, but opened at $20.77. Permian Basin Royalty Trust shares last traded at $20.64, with a volume of 55,414 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Permian Basin Royalty Trust Trading Down 4.1%

The stock has a 50 day moving average of $19.83 and a 200-day moving average of $18.63. The stock has a market capitalization of $962.06 million, a P/E ratio of 64.52 and a beta of 0.43.

Permian Basin Royalty Trust (NYSE:PBT) last released its earnings results on Friday, March 27th. The oil and gas producer reported $0.06 earnings per share for the quarter. The business had revenue of $2.61 million for the quarter. Permian Basin Royalty Trust had a return on equity of 8,774.67% and a net margin of 89.06%.

Permian Basin Royalty Trust Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be given a $0.0107 dividend. This represents a c) annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, March 31st. Permian Basin Royalty Trust’s payout ratio is 53.13%.

Institutional Trading of Permian Basin Royalty Trust

Several institutional investors and hedge funds have recently modified their holdings of PBT. XTX Topco Ltd bought a new position in Permian Basin Royalty Trust in the fourth quarter worth approximately $230,000. Avondale Wealth Management raised its position in Permian Basin Royalty Trust by 215.5% during the 4th quarter. Avondale Wealth Management now owns 45,750 shares of the oil and gas producer’s stock valued at $777,000 after purchasing an additional 31,250 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Permian Basin Royalty Trust by 6.0% in the 4th quarter. Royal Bank of Canada now owns 9,802 shares of the oil and gas producer’s stock worth $166,000 after buying an additional 558 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Permian Basin Royalty Trust in the 4th quarter worth $28,000. Finally, Walleye Capital LLC bought a new position in shares of Permian Basin Royalty Trust during the 4th quarter worth $211,000. Institutional investors own 28.86% of the company’s stock.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust (NYSE: PBT) is a 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.