Permian Basin Royalty Trust (NYSE:PBT) to Issue Dividend Increase - $0.04 Per Share

Key Points

• Dividend increase: Permian Basin Royalty Trust announced a monthly dividend of $0.038 per share (record date April 30, payable May 14), a 256.5% rise from the prior $0.01 and implying about a 2.1% annualized yield.
• Stock reaction and valuation: Shares rose roughly 2.5% to $21.95 on the news; the trust has a market cap near $1.02 billion and a price-to-earnings ratio of about 68.6.
• Analyst sentiment: Weiss Ratings downgraded PBT to a "sell" (d+), and MarketBeat reports the stock currently carries a consensus "Sell" rating despite the payout increase.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) announced a monthly dividend on Monday, April 20th. Investors of record on Thursday, April 30th will be paid a dividend of 0.038 per share by the oil and gas producer on Thursday, May 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, April 30th. This is a 256.5% increase from Permian Basin Royalty Trust's previous monthly dividend of $0.01.

Permian Basin Royalty Trust has raised its dividend by an average of 0.1%per year over the last three years.

Permian Basin Royalty Trust Stock Up 2.5%

Shares of NYSE PBT traded up $0.54 during mid-day trading on Monday, reaching $21.95. 59,670 shares of the company were exchanged, compared to its average volume of 105,255. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 68.59 and a beta of 0.41. Permian Basin Royalty Trust has a 1 year low of $9.37 and a 1 year high of $22.71. The firm has a 50-day moving average of $20.62 and a 200 day moving average of $18.93.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last issued its quarterly earnings data on Friday, March 27th. The oil and gas producer reported $0.06 earnings per share for the quarter. The firm had revenue of $2.61 million during the quarter. Permian Basin Royalty Trust had a return on equity of 8,774.67% and a net margin of 89.06%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Permian Basin Royalty Trust from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, March 30th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of "Sell".

Permian Basin Royalty Trust Company Profile

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.