Permian Basin Royalty Trust (NYSE:PBT) Trading Up 6.2% - Here's What Happened

Key Points

• Permian Basin Royalty Trust shares rose 6.2% to $35.22 in Thursday trading, although volume was 88% below the average daily level.
• Weiss Ratings reiterated a “hold (c-)” rating, matching the broader analyst consensus of “Hold.” The trust recently reported quarterly earnings of $0.08 per share on $4.18 million in revenue.
• The trust increased its monthly dividend to $0.0436 per share from $0.02, while institutional investors and hedge funds collectively own 28.86% of the stock.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report)'s share price rose 6.2% on Thursday . The stock traded as high as $35.00 and last traded at $35.22. Approximately 15,828 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 131,461 shares. The stock had previously closed at $33.17.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "hold (c-)" rating on shares of Permian Basin Royalty Trust in a research report on Tuesday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold".

Permian Basin Royalty Trust Stock Performance

The business's 50 day moving average is $28.44 and its 200-day moving average is $24.81. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 98.54 and a beta of 0.48.

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The oil and gas producer reported $0.08 earnings per share for the quarter. The company had revenue of $4.18 million during the quarter. Permian Basin Royalty Trust had a net margin of 91.96% and a return on equity of 9,990.08%.

Permian Basin Royalty Trust Increases Dividend

The business also recently announced a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.0436 per share. This is an increase from Permian Basin Royalty Trust's previous monthly dividend of $0.02. This represents a c) dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. Permian Basin Royalty Trust's dividend payout ratio is presently 148.57%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. SoftVest Advisors LLC lifted its position in shares of Permian Basin Royalty Trust by 40.1% in the second quarter. SoftVest Advisors LLC now owns 6,206,624 shares of the oil and gas producer's stock valued at $77,335,000 after acquiring an additional 1,776,929 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Permian Basin Royalty Trust by 116.0% in the first quarter. Sei Investments Co. now owns 422,000 shares of the oil and gas producer's stock worth $9,081,000 after acquiring an additional 226,600 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Permian Basin Royalty Trust by 2,233.8% during the second quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer's stock worth $1,300,000 after purchasing an additional 99,829 shares in the last quarter. UBS Group AG increased its position in shares of Permian Basin Royalty Trust by 170.1% during the third quarter. UBS Group AG now owns 147,578 shares of the oil and gas producer's stock worth $2,693,000 after purchasing an additional 92,936 shares in the last quarter. Finally, Horizon Kinetics Asset Management LLC raised its stake in Permian Basin Royalty Trust by 1.5% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 6,187,800 shares of the oil and gas producer's stock valued at $105,069,000 after purchasing an additional 88,751 shares during the last quarter. Institutional investors and hedge funds own 28.86% of the company's stock.

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.

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