Sabine Royalty Trust (NYSE:SBR) Sees Large Growth in Short Interest

Key Points

• Short interest in Sabine Royalty Trust jumped 134.9% in April to 30,650 shares, equal to about 0.2% of shares outstanding and a days-to-cover of 0.7 days.
• The trust raised its monthly dividend to $0.325 per share (ex-dividend April 15, payable April 29), implying a roughly 5.2% yield and a payout ratio near 77%.
• SBR traded at $74.81 (down 0.7%), with a market cap of about $1.09 billion, a PE of 14.84, and institutional ownership around 15.8%.

Sabine Royalty Trust (NYSE:SBR - Get Free Report) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totaling 30,650 shares, an increase of 134.9% from the March 31st total of 13,046 shares. Currently, 0.2% of the company's shares are sold short. Based on an average daily volume of 43,855 shares, the days-to-cover ratio is presently 0.7 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Sabine Royalty Trust in a research report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold".

Hedge Funds Weigh In On Sabine Royalty Trust

A number of large investors have recently bought and sold shares of the business. Fifth Third Bancorp boosted its holdings in Sabine Royalty Trust by 25.3% during the 4th quarter. Fifth Third Bancorp now owns 826 shares of the energy company's stock valued at $57,000 after acquiring an additional 167 shares during the period. Royal Bank of Canada lifted its holdings in shares of Sabine Royalty Trust by 8.2% in the 4th quarter. Royal Bank of Canada now owns 2,289 shares of the energy company's stock worth $157,000 after buying an additional 174 shares during the period. Allworth Financial LP lifted its holdings in shares of Sabine Royalty Trust by 51.8% in the 3rd quarter. Allworth Financial LP now owns 586 shares of the energy company's stock worth $47,000 after buying an additional 200 shares during the period. WealthCollab LLC lifted its holdings in shares of Sabine Royalty Trust by 124.1% in the 4th quarter. WealthCollab LLC now owns 437 shares of the energy company's stock worth $30,000 after buying an additional 242 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Sabine Royalty Trust by 79.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 708 shares of the energy company's stock worth $47,000 after buying an additional 313 shares during the period. Hedge funds and other institutional investors own 15.81% of the company's stock.

Sabine Royalty Trust Stock Down 0.7%

SBR traded down $0.50 during trading hours on Friday, reaching $74.81. 17,799 shares of the company's stock traded hands, compared to its average volume of 37,109. The firm has a 50-day moving average price of $73.75 and a 200 day moving average price of $72.18. Sabine Royalty Trust has a 52-week low of $62.23 and a 52-week high of $84.39. The firm has a market capitalization of $1.09 billion, a PE ratio of 14.84 and a beta of 0.30.

Sabine Royalty Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, April 29th. Investors of record on Wednesday, April 15th will be issued a dividend of $0.325 per share. This represents a c) dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Wednesday, April 15th. This is an increase from Sabine Royalty Trust's previous monthly dividend of $0.29. Sabine Royalty Trust's dividend payout ratio (DPR) is presently 77.38%.

About Sabine Royalty Trust

Sabine Royalty Trust is a Delaware statutory trust that owns a non-operating royalty interest in a portfolio of oil and gas properties. Rather than engaging in exploration or production activities directly, the trust receives a share of net proceeds from hydrocarbon production on the underlying properties and distributes those proceeds to unitholders on a monthly basis.

The trust was established in 1982 through a transaction with Sabine Oil & Gas Corporation, which transferred its overriding royalty interests in numerous wells and acreage to the trust.

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