Lazard Asset Management LLC Acquires New Stake in Permian Basin Royalty Trust (NYSE:PBT)

Lazard Asset Management LLC acquired a new stake in Permian Basin Royalty Trust (NYSE:PBT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 56,268 shares of the oil and gas producer's stock, valued at approximately $623,000. Lazard Asset Management LLC owned 0.12% of Permian Basin Royalty Trust as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PBT. Hosking Partners LLP raised its holdings in Permian Basin Royalty Trust by 28.3% in the fourth quarter. Hosking Partners LLP now owns 307,551 shares of the oil and gas producer's stock valued at $3,408,000 after acquiring an additional 67,858 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Permian Basin Royalty Trust by 87.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 220,527 shares of the oil and gas producer's stock valued at $2,443,000 after acquiring an additional 102,568 shares in the last quarter. Horizon Kinetics Asset Management LLC raised its holdings in Permian Basin Royalty Trust by 7.1% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 3,946,083 shares of the oil and gas producer's stock valued at $43,723,000 after acquiring an additional 261,819 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Permian Basin Royalty Trust by 45.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 29,467 shares of the oil and gas producer's stock valued at $326,000 after acquiring an additional 9,179 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Permian Basin Royalty Trust in the fourth quarter valued at approximately $1,327,000. Hedge funds and other institutional investors own 28.86% of the company's stock.

Permian Basin Royalty Trust Stock Performance

PBT stock traded up $0.14 during midday trading on Friday, reaching $11.21. 85,857 shares of the company were exchanged, compared to its average volume of 126,154. Permian Basin Royalty Trust has a 1-year low of $8.01 and a 1-year high of $14.26. The stock's 50-day simple moving average is $9.98 and its 200 day simple moving average is $11.00. The company has a market cap of $522.49 million, a price-to-earnings ratio of 14.37 and a beta of 0.56.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The oil and gas producer reported $0.06 earnings per share for the quarter. Permian Basin Royalty Trust had a net margin of 96.32% and a return on equity of 17,811.24%. The company had revenue of $3.07 million for the quarter.

Permian Basin Royalty Trust Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Friday, June 13th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.0188 per share. The ex-dividend date is Friday, May 30th. This represents a yield of 2.01%. Permian Basin Royalty Trust's payout ratio is currently 44.90%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Permian Basin Royalty Trust from a "buy" rating to a "hold" rating in a report on Thursday, February 20th.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust, an express trust, holds royalty interests in various oil and gas properties in the United States. The company holds a 75% net overriding royalty interest in the Waddell Ranch properties, including Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell fields in Crane County, Texas.