Permian Basin Royalty Trust (NYSE:PBT) Stock Price Up 7% – Here’s Why

Shares of Permian Basin Royalty Trust (NYSE:PBT) were up 7% during trading on Tuesday . The company traded as high as $27.55 and last traded at $27.0110. Approximately 85,006 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 115,665 shares. The stock had previously closed at $25.24.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, March 30th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Permian Basin Royalty Trust Trading Up 11.0%

The company has a market capitalization of $1.31 billion, a P/E ratio of 87.47 and a beta of 0.42. The company has a 50 day moving average price of $21.60 and a 200 day moving average price of $19.44.

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

Permian Basin Royalty Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th will be paid a dividend of $0.038 per share. This is a boost from Permian Basin Royalty Trust’s previous monthly dividend of $0.01. The ex-dividend date is Thursday, April 30th. This represents a c) dividend on an annualized basis and a yield of 1.6%. Permian Basin Royalty Trust’s dividend payout ratio is 143.75%.

Institutional Trading of Permian Basin Royalty Trust

Several large investors have recently made changes to their positions in PBT. Geneos Wealth Management Inc. bought a new position in Permian Basin Royalty Trust in the third quarter valued at approximately $27,000. Kestra Advisory Services LLC acquired a new position in Permian Basin Royalty Trust during the fourth quarter valued at approximately $28,000. Foster Dykema Cabot & Partners LLC bought a new stake in Permian Basin Royalty Trust during the third quarter worth $40,000. NewEdge Advisors LLC boosted its holdings in shares of Permian Basin Royalty Trust by 53.1% in the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock valued at $47,000 after purchasing an additional 1,304 shares in the last quarter. Finally, Atlantic Union Bankshares Corp boosted its holdings in shares of Permian Basin Royalty Trust by 16.2% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer’s stock valued at $138,000 after purchasing an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 28.86% of the company’s stock.

About Permian Basin Royalty Trust

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.