Permian Basin Royalty Trust (NYSE:PBT) Stock Price Up 4.4% - What's Next?

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) shares shot up 4.4% during trading on Thursday. The company traded as high as $34.94 and last traded at $35.0710. 14,888 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 134,291 shares. The stock had previously closed at $33.60.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Permian Basin Royalty Trust in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Permian Basin Royalty Trust currently has a consensus rating of "Hold".

Permian Basin Royalty Trust Trading Up 3.2%

The business's fifty day simple moving average is $33.45 and its 200 day simple moving average is $28.34. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 99.00 and a beta of 0.56.

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

Permian Basin Royalty Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.0196 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Wednesday, September 30th. This is an increase from Permian Basin Royalty Trust's previous monthly dividend of $0.0187. Permian Basin Royalty Trust's dividend payout ratio is presently 68.57%.

Institutional Trading of Permian Basin Royalty Trust

A number of hedge funds have recently modified their holdings of PBT. CX Institutional raised its position in shares of Permian Basin Royalty Trust by 31.5% in the third quarter. CX Institutional now owns 2,773 shares of the oil and gas producer's stock valued at $87,000 after purchasing an additional 664 shares during the period. Tidal Investments LLC bought a new stake in shares of Permian Basin Royalty Trust during the 2nd quarter worth about $211,000. Integrated Wealth Concepts LLC acquired a new position in Permian Basin Royalty Trust in the 2nd quarter valued at about $114,000. NewEdge Advisors LLC raised its holdings in Permian Basin Royalty Trust by 25.1% in the 2nd quarter. NewEdge Advisors LLC now owns 3,493 shares of the oil and gas producer's stock valued at $87,000 after acquiring an additional 701 shares during the period. Finally, Corient Private Wealth LP lifted its position in Permian Basin Royalty Trust by 10.4% during the second quarter. Corient Private Wealth LP now owns 20,865 shares of the oil and gas producer's stock worth $522,000 after acquiring an additional 1,974 shares during the last quarter. 28.86% of the stock is currently owned by institutional investors and hedge funds.

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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