Permian Basin Royalty Trust (NYSE:PBT) Hits New 52-Week High - Here's What Happened

Key Points

• Permian Basin Royalty Trust's shares reached a new 52-week high of $16.65 during trading, although they closed slightly lower at $16.00.
• The company recently announced a dividend increase to $0.0153 per share, reflecting a high dividend yield of 145.0%, up from the previous dividend of $0.01.
• Institutional investors are actively increasing their stakes, with notable increases in holdings by firms such as JPMorgan Chase and Golden State Wealth Management.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $16.65 and last traded at $16.00, with a volume of 40901 shares. The stock had previously closed at $16.27.

Permian Basin Royalty Trust Price Performance

The firm has a market capitalization of $742.03 million, a PE ratio of 44.22 and a beta of 0.59. The business's 50-day moving average price is $13.18 and its 200-day moving average price is $11.32.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The oil and gas producer reported $0.05 earnings per share (EPS) 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 disclosed a dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were paid a $0.0153 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a yield of 145.0%. This is an increase from Permian Basin Royalty Trust's previous dividend of $0.01. Permian Basin Royalty Trust's dividend payout ratio is presently 50.00%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Institutional investors have recently bought and sold shares of the company. Virtus Investment Advisers LLC raised its stake in Permian Basin Royalty Trust by 7.1% in the 2nd quarter. Virtus Investment Advisers LLC now owns 14,369 shares of the oil and gas producer's stock valued at $179,000 after purchasing an additional 949 shares during the last quarter. Atlas Wealth Partners LLC increased its holdings in shares of Permian Basin Royalty Trust by 1.9% during the 1st quarter. Atlas Wealth Partners LLC now owns 67,363 shares of the oil and gas producer's stock worth $666,000 after buying an additional 1,265 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Permian Basin Royalty Trust by 53.1% in the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer's stock valued at $47,000 after acquiring an additional 1,304 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Permian Basin Royalty Trust by 16.1% during the fourth quarter. Ameriprise Financial Inc. now owns 11,688 shares of the oil and gas producer's stock worth $128,000 after acquiring an additional 1,623 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Permian Basin Royalty Trust by 14.5% in the 2nd quarter. Creative Planning now owns 14,995 shares of the oil and gas producer's stock worth $187,000 after purchasing an additional 1,903 shares during the period. 28.86% of the stock is owned by institutional investors and hedge funds.

Permian Basin Royalty Trust Company Profile

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.