PermRock Royalty Trust (NYSE:PRT) Stock Price Down 2.3% – Here’s Why

PermRock Royalty Trust (NYSE:PRT)’s share price dropped 2.3% on Thursday . The company traded as low as $2.09 and last traded at $2.12. 28,681 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 52,560 shares. The stock had previously closed at $2.17.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of PermRock Royalty Trust to a “hold” rating in a report on Saturday, March 21st.

PermRock Royalty Trust Trading Down 2.3%

The firm has a fifty day simple moving average of $2.30 and a 200 day simple moving average of $2.90. The stock has a market cap of $25.80 million, a price-to-earnings ratio of 7.07 and a beta of 0.39.

PermRock Royalty Trust (NYSE:PRT) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.06). The firm had revenue of $0.66 million for the quarter, compared to analyst estimates of $4.93 million. PermRock Royalty Trust had a return on equity of 7.59% and a net margin of 80.38%.

PermRock Royalty Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.0305 dividend. This is a boost from PermRock Royalty Trust’s previous monthly dividend of $0.00. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a c) annualized dividend and a yield of 17.3%. PermRock Royalty Trust’s payout ratio is presently 123.33%.

Hedge Funds Weigh In On PermRock Royalty Trust

Hedge funds have recently made changes to their positions in the business. Jane Street Group LLC bought a new position in shares of PermRock Royalty Trust during the 4th quarter worth about $53,000. Cetera Investment Advisers bought a new stake in PermRock Royalty Trust in the first quarter valued at about $51,000. Finally, Ameriflex Group Inc. acquired a new position in PermRock Royalty Trust in the third quarter worth about $40,000. Institutional investors and hedge funds own 41.67% of the company’s stock.

About PermRock Royalty Trust

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.