PermRock Royalty Trust (NYSE:PRT) Sees Large Drop in Short Interest

PermRock Royalty Trust (NYSE:PRT) was the recipient of a large decrease in short interest in the month of April. As of April 30th, there was short interest totaling 86,989 shares, a decrease of 34.3% from the April 15th total of 132,489 shares. Based on an average daily volume of 74,905 shares, the short-interest ratio is currently 1.2 days. Currently, 0.7% of the company’s stock are short sold.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of PermRock Royalty Trust to a “hold” rating in a research report on Saturday, March 21st.

PermRock Royalty Trust Price Performance

Shares of PRT stock opened at $2.68 on Monday. PermRock Royalty Trust has a 12 month low of $2.61 and a 12 month high of $4.28. The firm has a market capitalization of $32.54 million, a P/E ratio of 8.92 and a beta of 0.52. The company’s fifty day moving average price is $3.10 and its two-hundred day moving average price is $3.37.

PermRock Royalty Trust (NYSE:PRT) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.06). PermRock Royalty Trust had a return on equity of 7.59% and a net margin of 80.38%.The firm had revenue of $0.66 million during the quarter, compared to analyst estimates of $4.93 million.

PermRock Royalty Trust Cuts Dividend

The company also recently disclosed a monthly dividend, which was paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th were issued a $0.0005 dividend. The ex-dividend date was Thursday, April 30th. This represents a c) dividend on an annualized basis and a yield of 0.2%.

Hedge Funds Weigh In On PermRock Royalty Trust

A number of institutional investors have recently added to or reduced their stakes in PRT. Jane Street Group LLC acquired a new position in PermRock Royalty Trust in the 4th quarter worth $53,000. Cetera Investment Advisers acquired a new position in PermRock Royalty Trust in the 1st quarter worth $51,000. Finally, Ameriflex Group Inc. acquired a new position in PermRock Royalty Trust in the 3rd quarter worth $40,000. Institutional investors and hedge funds own 41.67% of the company’s stock.

About PermRock Royalty Trust

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.