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

Key Points

• Permian Basin Royalty Trust (NYSE: PBT) hit a new 52‑week high, trading as high as $22.64 (last $22.575) on Wednesday with ~368,700 shares changing hands; market capitalization is about $1.05 billion and the 50‑/200‑day moving averages are $19.50 and $18.49.
• The trust announced a monthly dividend of $0.0107 per share (ex‑dividend and record date March 31, payable April 14), implying an annualized yield of roughly 0.6% and a payout ratio near 50%.
• PBT is a passive royalty trust holding overriding interests in Permian Basin oil and gas acreage (primarily Reeves and Loving counties), collecting production cash flows without operating the wells; institutional investors own about 28.9% of the stock.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $22.64 and last traded at $22.5750, with a volume of 368697 shares. The stock had previously closed at $21.01.

Permian Basin Royalty Trust Price Performance

The firm has a fifty day moving average of $19.50 and a 200 day moving average of $18.49. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 66.40 and a beta of 0.43.

Permian Basin Royalty Trust Cuts Dividend

The company also recently announced 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 of this dividend is Tuesday, March 31st. Permian Basin Royalty Trust's payout ratio is 50.00%.

Institutional Trading of Permian Basin Royalty Trust

A number of hedge funds have recently added to or reduced their stakes in PBT. Geneos Wealth Management Inc. acquired a new stake in Permian Basin Royalty Trust during the third quarter valued at $27,000. Kestra Advisory Services LLC acquired a new position in shares of Permian Basin Royalty Trust in the fourth quarter worth about $28,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Permian Basin Royalty Trust during the 3rd quarter worth about $40,000. NewEdge Advisors LLC boosted its stake in shares of Permian Basin Royalty Trust by 53.1% during the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer's stock worth $47,000 after acquiring an additional 1,304 shares in the last quarter. Finally, Atlantic Union Bankshares Corp grew its position in shares of Permian Basin Royalty Trust by 16.2% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer's stock valued at $138,000 after acquiring an additional 1,058 shares during the period. 28.86% of the stock is owned by hedge funds and other institutional investors.

About Permian Basin Royalty Trust

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.