Permian Basin Royalty Trust (NYSE:PBT) Stock Passes Above 200-Day Moving Average - What's Next?

Key Points

• The stock price of Permian Basin Royalty Trust (NYSE:PBT) recently surpassed its 200-day moving average of $11.36, reaching a high of $15.80 before closing at $15.09.
• The company announced an increase in its dividend to $0.0153 per share, translating to an impressive dividend yield of 145.0%.
• Institutional ownership for Permian Basin Royalty Trust has strengthened, with notable increases in holdings from several hedge funds, contributing to a total of 28.86% of the stock being held by institutional investors.

Shares of Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $11.36 and traded as high as $15.80. Permian Basin Royalty Trust shares last traded at $15.09, with a volume of 197,819 shares trading hands.

Permian Basin Royalty Trust Trading Up 4.6%

The company has a fifty day moving average price of $13.60 and a 200-day moving average price of $11.49. The firm has a market cap of $764.17 million, a price-to-earnings ratio of 45.54 and a beta of 0.59.

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

Permian Basin Royalty Trust Increases Dividend

The firm also recently declared a dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were paid a $0.0153 dividend. The ex-dividend date was Thursday, July 31st. This represents a dividend yield of 145.0%. This is a boost from Permian Basin Royalty Trust's previous dividend of $0.01. Permian Basin Royalty Trust's dividend payout ratio (DPR) is presently 50.00%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several institutional investors and hedge funds have recently modified their holdings of PBT. JPMorgan Chase & Co. increased its stake in shares of Permian Basin Royalty Trust by 88.9% in the 4th quarter. JPMorgan Chase & Co. now owns 4,782 shares of the oil and gas producer's stock valued at $53,000 after purchasing an additional 2,250 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Permian Basin Royalty Trust by 211.0% in the 4th quarter. Wells Fargo & Company MN now owns 233,493 shares of the oil and gas producer's stock valued at $2,587,000 after purchasing an additional 158,403 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Permian Basin Royalty Trust by 28.3% during the 4th quarter. Russell Investments Group Ltd. now owns 12,132 shares of the oil and gas producer's stock worth $134,000 after buying an additional 2,679 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Permian Basin Royalty Trust during the 4th quarter worth approximately $622,000. Finally, Beacon Pointe Advisors LLC increased its stake in Permian Basin Royalty Trust by 42.1% during the 4th quarter. Beacon Pointe Advisors LLC now owns 138,924 shares of the oil and gas producer's stock worth $1,531,000 after buying an additional 41,167 shares in the last quarter. Hedge funds and other institutional investors own 28.86% of the company's stock.

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.