Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Down - Here's Why

Key Points

• Permian Basin Royalty Trust shares fell 1.0%, opening at $33.48 after previously closing at $34.60, with the latest trading price near $33.63.
• Weiss Ratings upgraded the trust from “hold (c-)” to “hold (c),” but the sole analyst covering the stock still rates it Hold.
• The trust increased its monthly dividend to $0.0196, equivalent to approximately $0.24 annually and a 0.7% yield; institutional investors own 28.86% of the shares.

Shares of Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) gapped down prior to trading on Friday. The stock had previously closed at $34.60, but opened at $33.48. Permian Basin Royalty Trust shares last traded at $33.6310, with a volume of 2,990 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Permian Basin Royalty Trust from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Hold rating. Based on data from MarketBeat, the stock presently has an average rating of "Hold".

Permian Basin Royalty Trust Stock Down 1.0%

The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 95.14 and a beta of 0.56. The stock's 50 day moving average is $33.87 and its 200 day moving average is $28.90.

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

Permian Basin Royalty Trust Increases Dividend

The company also recently disclosed a monthly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.0196 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Permian Basin Royalty Trust's previous monthly dividend of $0.0187. Permian Basin Royalty Trust's dividend payout ratio (DPR) is presently 65.71%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Post Resch Tallon Group Inc. lifted its holdings in Permian Basin Royalty Trust by 10.2% in the 3rd quarter. Post Resch Tallon Group Inc. now owns 9,261 shares of the oil and gas producer's stock valued at $292,000 after acquiring an additional 859 shares during the last quarter. CX Institutional raised its holdings in shares of Permian Basin Royalty Trust by 31.5% in the 3rd quarter. CX Institutional now owns 2,773 shares of the oil and gas producer's stock worth $87,000 after purchasing an additional 664 shares in the last quarter. Tidal Investments LLC acquired a new stake in Permian Basin Royalty Trust during the second quarter valued at approximately $211,000. Integrated Wealth Concepts LLC acquired a new stake in Permian Basin Royalty Trust during the second quarter valued at approximately $114,000. Finally, NewEdge Advisors LLC lifted its stake in Permian Basin Royalty Trust by 25.1% during the second quarter. NewEdge Advisors LLC now owns 3,493 shares of the oil and gas producer's stock valued at $87,000 after purchasing an additional 701 shares during the last quarter. Institutional investors own 28.86% of the company's stock.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust NYSE: PBT is a grantor trust that owns royalty and net profits interests in oil and natural gas properties located primarily in the Permian Basin of West Texas. The trust does not operate wells or provide products and services directly; instead, it receives proceeds generated by the underlying properties and distributes the resulting income to its unitholders.

The trust's interests include properties associated with the Waddell Ranch and other Texas royalty assets.

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