Permian Basin Royalty Trust (NYSE:PBT) Reaches New 1-Year High - Here's What Happened

Key Points

• Permian Basin Royalty Trust's share price reached a 52-week high of $18.34 during trading, closing at $18.14, with a trading volume of 26,360 shares.
• The company announced a monthly dividend of $0.0164, an increase from the previous dividend, with a dividend yield of 1.1% and a payout ratio of 55.56%.
• Institutional investors have significantly increased their stakes in Permian Basin Royalty Trust, with 28.86% of shares now owned by hedge funds and institutional firms.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $18.34 and last traded at $18.14, with a volume of 26360 shares traded. The stock had previously closed at $17.98.

Permian Basin Royalty Trust Trading Down 0.5%

The stock has a market cap of $833.62 million, a PE ratio of 49.68 and a beta of 0.69. The business's 50-day moving average price is $14.59 and its 200-day moving average price is $11.91.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last released its earnings results on Wednesday, August 13th. The oil and gas producer reported $0.05 earnings per share for the quarter. The company had revenue of $3.11 million for the quarter. Permian Basin Royalty Trust had a net margin of 89.90% and a return on equity of 9,737.65%.

Permian Basin Royalty Trust Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 29th will be paid a $0.0164 dividend. The ex-dividend date is Friday, August 29th. This represents a c) annualized dividend and a dividend yield of 1.1%. This is an increase from Permian Basin Royalty Trust's previous monthly dividend of $0.02. Permian Basin Royalty Trust's dividend payout ratio (DPR) is presently 55.56%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

A number of hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC boosted its stake in Permian Basin Royalty Trust by 53.1% during the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer's stock worth $47,000 after buying an additional 1,304 shares during the period. Golden State Wealth Management LLC raised its holdings in Permian Basin Royalty Trust by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,892 shares of the oil and gas producer's stock valued at $48,000 after acquiring an additional 2,446 shares in the last quarter. Access Investment Management LLC acquired a new stake in Permian Basin Royalty Trust in the second quarter valued at approximately $64,000. Sunbelt Securities Inc. grew its position in shares of Permian Basin Royalty Trust by 7,352.9% during the first quarter. Sunbelt Securities Inc. now owns 6,335 shares of the oil and gas producer's stock worth $63,000 after acquiring an additional 6,250 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in Permian Basin Royalty Trust in the 2nd quarter valued at $81,000. 28.86% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.