Permian Basin Royalty Trust (NYSE:PBT) Sets New 12-Month High - Here's Why

Key Points

• The Permian Basin Royalty Trust's stock hit a new 52-week high of $14.32, signaling potential investor interest.
• The company recently increased its dividend to $0.0153 per share, representing a high dividend yield of 145.0%.
• Institutional investors have been actively acquiring shares, with Bessemer Group Inc. increasing its stake by an impressive 4,701.1% during the second quarter.

Shares of Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $14.32 and last traded at $14.25, with a volume of 63029 shares trading hands. The stock had previously closed at $13.93.

Permian Basin Royalty Trust Stock Performance

The stock has a market cap of $754.99 million, a P/E ratio of 33.06 and a beta of 0.59. The company has a 50-day simple moving average of $12.68 and a 200-day simple moving average of $11.16.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The oil and gas producer reported $0.06 EPS for the quarter. The company had revenue of $3.07 million for the quarter. Permian Basin Royalty Trust had a return on equity of 12,661.40% and a net margin of 93.60%.

Permian Basin Royalty Trust Increases Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be paid a $0.0153 dividend. This is an increase from Permian Basin Royalty Trust's previous dividend of $0.01. This represents a yield of 145.0%. The ex-dividend date of this dividend is Thursday, July 31st. Permian Basin Royalty Trust's payout ratio is presently 36.73%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Schwartz Investment Counsel Inc. boosted its stake in Permian Basin Royalty Trust by 7.2% in the first quarter. Schwartz Investment Counsel Inc. now owns 1,486,902 shares of the oil and gas producer's stock worth $14,676,000 after purchasing an additional 100,000 shares in the last quarter. Moors & Cabot Inc. raised its position in Permian Basin Royalty Trust by 4.5% in the 2nd quarter. Moors & Cabot Inc. now owns 530,208 shares of the oil and gas producer's stock worth $6,606,000 after purchasing an additional 22,915 shares during the last quarter. Mad River Investors raised its position in Permian Basin Royalty Trust by 91.5% in the 1st quarter. Mad River Investors now owns 471,693 shares of the oil and gas producer's stock worth $4,674,000 after purchasing an additional 225,400 shares during the last quarter. LPL Financial LLC raised its position in Permian Basin Royalty Trust by 7.5% in the 4th quarter. LPL Financial LLC now owns 292,045 shares of the oil and gas producer's stock worth $3,236,000 after purchasing an additional 20,496 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Permian Basin Royalty Trust by 211.0% in the 4th quarter. Wells Fargo & Company MN now owns 233,493 shares of the oil and gas producer's stock worth $2,587,000 after purchasing an additional 158,403 shares during 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, 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.