597,500 Shares of San Juan Basin Royalty Trust $SJT Acquired by Mad River Investors

Key Points

• Mad River Investors acquired 597,500 shares of San Juan Basin Royalty Trust in the third quarter, worth approximately $2.18 million and representing about 0.9% of the fund’s holdings.
• Several other institutional investors increased their positions, while hedge funds and other institutions collectively own 10.42% of SJT.
• SJT shares opened at $3.38, well below their 52-week high of $6.55. Analyst sentiment remains negative, with the stock carrying a consensus “Sell” rating.

Mad River Investors bought a new stake in shares of San Juan Basin Royalty Trust (NYSE:SJT - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 597,500 shares of the oil and gas producer's stock, valued at approximately $2,181,000. San Juan Basin Royalty Trust makes up about 0.9% of Mad River Investors' holdings, making the stock its 13th biggest holding.

Other hedge funds have also added to or reduced their stakes in the company. Punch & Associates Investment Management Inc. lifted its holdings in shares of San Juan Basin Royalty Trust by 34.2% in the first quarter. Punch & Associates Investment Management Inc. now owns 939,225 shares of the oil and gas producer's stock worth $4,518,000 after buying an additional 239,225 shares in the last quarter. Lesa Sroufe & Co boosted its position in shares of San Juan Basin Royalty Trust by 1.9% in the first quarter. Lesa Sroufe & Co now owns 346,870 shares of the oil and gas producer's stock valued at $1,668,000 after acquiring an additional 6,480 shares during the period. State of Wyoming boosted its position in shares of San Juan Basin Royalty Trust by 73.9% in the first quarter. State of Wyoming now owns 36,596 shares of the oil and gas producer's stock valued at $176,000 after acquiring an additional 15,552 shares during the period. Finally, SevenBridge Financial Group LLC bought a new position in shares of San Juan Basin Royalty Trust in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 10.42% of the company's stock.

San Juan Basin Royalty Trust Price Performance

Shares of SJT opened at $3.38 on Thursday. San Juan Basin Royalty Trust has a 1-year low of $2.37 and a 1-year high of $6.55. The company has a market capitalization of $157.63 million, a P/E ratio of -338.20 and a beta of 0.70. The firm's 50 day simple moving average is $3.34 and its 200 day simple moving average is $4.03.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of San Juan Basin Royalty Trust from a "sell (d)" rating to a "sell (e+)" rating in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company has a consensus rating of "Sell".

San Juan Basin Royalty Trust Profile

San Juan Basin Royalty Trust is a grantor trust that owns royalty interests in oil and natural gas properties located in the San Juan Basin of northwestern New Mexico. The trust does not operate wells, develop properties or sell energy products directly; instead, it receives royalty payments from production generated by the underlying properties.

The trust's interests were originally conveyed by Southland Royalty Company, and the properties are operated by third-party energy companies.

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