Permian Basin Royalty Trust (NYSE:PBT) Sees Large Volume Increase – Time to Buy?

Shares of Permian Basin Royalty Trust (NYSE:PBT) saw strong trading volume on Monday . 75,285 shares changed hands during mid-day trading, an increase of 20% from the previous session’s volume of 62,712 shares.The stock last traded at $19.82 and had previously closed at $19.32.

Permian Basin Royalty Trust Stock Up 2.6%

The stock has a market cap of $924.26 million, a PE ratio of 58.33 and a beta of 0.46. The business’s 50-day simple moving average is $18.07 and its 200-day simple moving average is $17.86.

Permian Basin Royalty Trust Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be given a $0.0142 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a dividend yield of 0.9%. Permian Basin Royalty Trust’s dividend payout ratio is currently 50.00%.

Institutional Trading of Permian Basin Royalty Trust

Hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. purchased a new stake in Permian Basin Royalty Trust in the third quarter worth about $27,000. Kestra Advisory Services LLC bought a new position in Permian Basin Royalty Trust during the 4th quarter valued at approximately $28,000. Foster Dykema Cabot & Partners LLC purchased a new position in Permian Basin Royalty Trust during the third quarter valued at $40,000. NewEdge Advisors LLC raised its stake in Permian Basin Royalty Trust by 53.1% during the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock valued at $47,000 after buying an additional 1,304 shares during the last quarter. Finally, Access Investment Management LLC bought a new stake in Permian Basin Royalty Trust in the second quarter worth $64,000. Institutional investors own 28.86% of the company’s stock.

About Permian Basin Royalty Trust

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.