Permian Basin Royalty Trust (NYSE:PBT) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 32.1% from March 15 to March 31 to 98,350 shares (about 0.2% of shares outstanding) with a days-to-cover ratio of 0.6.
• Weiss Ratings downgraded the trust from "hold (c-)" to "sell (d+)" on March 30, and the stock's average analyst rating on MarketBeat is currently "Sell."
• Institutional activity included a 2,233.8% increase in holdings by JPMorgan Chase to 104,298 shares, and institutions/hedge funds now own about 28.86% of the stock.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) was the recipient of a significant decrease in short interest in March. As of March 31st, there was short interest totaling 98,350 shares, a decrease of 32.1% from the March 15th total of 144,838 shares. Based on an average trading volume of 172,298 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.2% of the shares of the stock are short sold.

Analyst Ratings Changes

Separately, Weiss Ratings cut Permian Basin Royalty Trust from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, March 30th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Sell".

Institutional Trading of Permian Basin Royalty Trust

Hedge funds have recently bought and sold shares of the stock. Creative Planning boosted its holdings in shares of Permian Basin Royalty Trust by 14.5% in the second quarter. Creative Planning now owns 14,995 shares of the oil and gas producer's stock valued at $187,000 after buying an additional 1,903 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Permian Basin Royalty Trust by 2,233.8% during the second quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer's stock worth $1,300,000 after acquiring an additional 99,829 shares during the period. XTX Topco Ltd acquired a new position in Permian Basin Royalty Trust in the 2nd quarter worth $188,000. NewEdge Advisors LLC boosted its stake in Permian Basin Royalty Trust by 53.1% in the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer's stock worth $47,000 after purchasing an additional 1,304 shares during the period. Finally, Raymond James Financial Inc. increased its holdings in Permian Basin Royalty Trust by 145.1% during the 2nd quarter. Raymond James Financial Inc. now owns 64,466 shares of the oil and gas producer's stock worth $803,000 after purchasing an additional 38,164 shares in the last quarter. 28.86% of the stock is currently owned by institutional investors and hedge funds.

Permian Basin Royalty Trust Stock Down 2.8%

PBT stock traded down $0.61 during midday trading on Tuesday, reaching $21.36. The company's stock had a trading volume of 99,587 shares, compared to its average volume of 103,865. Permian Basin Royalty Trust has a 52 week low of $9.27 and a 52 week high of $22.71. The stock has a market cap of $995.40 million, a PE ratio of 66.74 and a beta of 0.41. The business's 50-day simple moving average is $20.36 and its 200-day simple moving average is $18.83.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last issued its earnings results on Friday, March 27th. The oil and gas producer reported $0.06 EPS for the quarter. Permian Basin Royalty Trust had a net margin of 89.06% and a return on equity of 8,774.67%. The company had revenue of $2.61 million during the quarter.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.0107 per share. This represents a c) annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, March 31st. Permian Basin Royalty Trust's payout ratio is 53.13%.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust NYSE: PBT is a passive investment vehicle that holds overriding royalty interests in oil and gas properties located in the Permian Basin region of West Texas. Established in 1980 by Apache Oil Company, the Trust does not engage in exploration or production activities. Instead, it owns net profit interests on specified acreage, allowing unitholders to participate directly in the cash flows generated by hydrocarbon extraction without bearing the costs or risks associated with day-to-day field operations.

The Trust’s interests cover acreage predominantly in Reeves and Loving Counties, where mature wells have been developed over several decades.

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