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

Key Points

• Permian Basin Royalty Trust's shares surpassed their 200-day moving average, closing at $18.24 after reaching a high of $18.80.
• The trust announced an increase in its monthly dividend to $0.0164 per share, reflecting a yield of 1.1%.
• Institutional investors have been active, with several firms significantly increasing their stakes, indicating confidence in Permian Basin Royalty Trust's performance.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.21 and traded as high as $18.80. Permian Basin Royalty Trust shares last traded at $18.24, with a volume of 150,461 shares.

Permian Basin Royalty Trust Stock Performance

The company has a market cap of $827.79 million, a price-to-earnings ratio of 49.33 and a beta of 0.69. The firm's 50-day moving average price is $15.63 and its 200 day moving average price is $12.41.

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

Permian Basin Royalty Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.1155 per share. This is a boost from Permian Basin Royalty Trust's previous monthly dividend of $0.02. The ex-dividend date is Tuesday, September 30th. This represents a c) annualized dividend and a dividend yield of 7.8%. Permian Basin Royalty Trust's dividend payout ratio (DPR) is presently 55.56%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBT. NewEdge Advisors LLC lifted its holdings in shares of 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 purchasing an additional 1,304 shares in the last quarter. Golden State Wealth Management LLC raised its position in Permian Basin Royalty Trust by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,892 shares of the oil and gas producer's stock valued at $48,000 after buying an additional 2,446 shares during the last quarter. Access Investment Management LLC acquired a new stake in Permian Basin Royalty Trust in the 2nd quarter valued at approximately $64,000. Sunbelt Securities Inc. raised its position in Permian Basin Royalty Trust by 7,352.9% in the 1st quarter. Sunbelt Securities Inc. now owns 6,335 shares of the oil and gas producer's stock valued at $63,000 after buying an additional 6,250 shares during the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in Permian Basin Royalty Trust in the 2nd quarter valued at approximately $81,000. 28.86% of the stock is owned by institutional investors and hedge funds.

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.