Permianville Royalty Trust (NYSE:PVL) Sees Large Increase in Short Interest

Key Points

• Short interest surged 452.4% from August 15 to August 31, reaching 38,446 shares. However, short interest represents only 0.1% of outstanding shares, with a days-to-cover ratio of 0.4.
• Permianville Royalty Trust reported quarterly earnings of $0.03 per share, beating estimates by $0.02, while revenue of $14.79 million exceeded expectations of $8.70 million.
• The trust increased its monthly dividend to $0.027 per share, implying a 17.4% annualized yield; analysts maintain a consensus “Hold” rating, and institutional investors own 6.78% of the stock.

Permianville Royalty Trust (NYSE:PVL - Get Free Report) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 38,446 shares, a growth of 452.4% from the August 15th total of 6,960 shares. Based on an average trading volume of 85,999 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Permianville Royalty Trust

Institutional investors have recently modified their holdings of the company. Kestra Private Wealth Services LLC bought a new stake in Permianville Royalty Trust in the 3rd quarter worth approximately $37,000. Citadel Advisors LLC grew its position in Permianville Royalty Trust by 326.0% during the third quarter. Citadel Advisors LLC now owns 28,028 shares of the company's stock valued at $51,000 after acquiring an additional 40,428 shares during the last quarter. Susquehanna International Group LLP raised its stake in shares of Permianville Royalty Trust by 239.2% during the third quarter. Susquehanna International Group LLP now owns 94,421 shares of the company's stock worth $171,000 after acquiring an additional 66,583 shares in the last quarter. Finally, Pingora Partners LLC raised its stake in shares of Permianville Royalty Trust by 4.6% during the fourth quarter. Pingora Partners LLC now owns 950,410 shares of the company's stock worth $1,701,000 after acquiring an additional 41,386 shares in the last quarter. 6.78% of the stock is currently owned by institutional investors.

Permianville Royalty Trust Price Performance

PVL stock traded up $0.01 during midday trading on Friday, reaching $1.86. The company had a trading volume of 9,915 shares, compared to its average volume of 88,069. The firm has a 50-day moving average price of $1.76 and a 200-day moving average price of $1.81. The company has a market capitalization of $61.41 million, a P/E ratio of 10.95 and a beta of 0.13. Permianville Royalty Trust has a 1 year low of $1.58 and a 1 year high of $2.04.

Permianville Royalty Trust (NYSE:PVL - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. Permianville Royalty Trust had a net margin of 11.30% and a return on equity of 15.04%. The firm had revenue of $14.79 million for the quarter, compared to analysts' expectations of $8.70 million.

Permianville Royalty Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.027 per share. This represents a c) annualized dividend and a yield of 17.4%. This is an increase from Permianville Royalty Trust's previous monthly dividend of $0.01. The ex-dividend date of this dividend is Monday, August 31st. Permianville Royalty Trust's dividend payout ratio is presently 188.24%.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Permianville Royalty Trust from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 27th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold".

Permianville Royalty Trust Company Profile

Permianville Royalty Trust is a passive investment vehicle that holds overriding royalty interests in oil and gas properties located primarily in the Permian Basin of West Texas and southeastern New Mexico. Organized as a statutory royalty trust, it provides investors with exposure to production revenues from established hydrocarbon reservoirs without engaging directly in exploration or development activities.

The trust's assets consist of net profits interests in wells that produce crude oil, natural gas and natural gas liquids.

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