Permian Basin Royalty Trust (NYSE:PBT) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Permian Basin Royalty Trust's share price recently crossed above its 200-day moving average of $13.08, reaching a high of $18.19, with current trading at $17.68.
• The company declared a new monthly dividend of $0.1155 per share, significantly higher than the previous dividend of $0.02, resulting in an annualized dividend yield of 7.8%.
• Weiss Ratings restated a "hold (c-)" rating for the stock, which has a market capitalization of $824.06 million and a P/E ratio of 49.11.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.08 and traded as high as $18.19. Permian Basin Royalty Trust shares last traded at $17.68, with a volume of 159,862 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c-)" rating on shares of Permian Basin Royalty Trust in a research note on Saturday, September 27th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold".

Permian Basin Royalty Trust Stock Down 1.3%

The stock has a market capitalization of $824.06 million, a P/E ratio of 49.11 and a beta of 0.63. The company has a 50-day moving average price of $16.82 and a two-hundred day moving average price of $13.08.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 13th. The oil and gas producer reported $0.05 EPS for the quarter. The company had revenue of $3.11 million during 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 declared a monthly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.1155 per share. This is an increase from Permian Basin Royalty Trust's previous monthly dividend of $0.02. The ex-dividend date is Tuesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 7.8%. Permian Basin Royalty Trust's dividend payout ratio (DPR) is presently 386.11%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Several large investors have recently added to or reduced their stakes in PBT. NewEdge Advisors LLC increased 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 acquiring an additional 1,304 shares during the last quarter. Golden State Wealth Management LLC grew its holdings in shares of Permian Basin Royalty Trust by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,892 shares of the oil and gas producer's stock worth $48,000 after purchasing an additional 2,446 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of Permian Basin Royalty Trust by 7,352.9% in the first quarter. Sunbelt Securities Inc. now owns 6,335 shares of the oil and gas producer's stock worth $63,000 after purchasing an additional 6,250 shares during the last quarter. Access Investment Management LLC bought a new position in shares of Permian Basin Royalty Trust in the second quarter worth approximately $64,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Permian Basin Royalty Trust in the second quarter valued at approximately $81,000. Institutional investors own 28.86% of the company's stock.

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.

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