Permian Basin Royalty Trust (NYSE:PBT) Trading Up 8.7% – Still a Buy?

Permian Basin Royalty Trust (NYSE:PBT) was up 8.7% during mid-day trading on Wednesday . The stock traded as high as $30.78 and last traded at $30.45. Approximately 62,257 shares changed hands during trading, a decline of 50% from the average session volume of 124,704 shares. The stock had previously closed at $28.00.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Permian Basin Royalty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, May 21st. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Price Performance

The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 90.38 and a beta of 0.48. The firm’s 50-day simple moving average is $27.53 and its two-hundred day simple moving average is $23.27.

Permian Basin Royalty Trust (NYSE:PBT) last posted its quarterly earnings results on Thursday, May 14th. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter. Permian Basin Royalty Trust had a net margin of 88.99% and a return on equity of 9,061.81%. The company had revenue of $3.57 million during the quarter.

Permian Basin Royalty Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.0436 per share. This is an increase from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a yield of 1.8%. Permian Basin Royalty Trust’s payout ratio is 162.50%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SoftVest Advisors LLC raised its holdings in shares of Permian Basin Royalty Trust by 40.1% in the second quarter. SoftVest Advisors LLC now owns 6,206,624 shares of the oil and gas producer’s stock worth $77,335,000 after acquiring an additional 1,776,929 shares during the last quarter. Horizon Kinetics Asset Management LLC lifted its holdings in Permian Basin Royalty Trust by 1.5% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 6,187,800 shares of the oil and gas producer’s stock valued at $105,069,000 after purchasing an additional 88,751 shares in the last quarter. Mad River Investors boosted its stake in shares of Permian Basin Royalty Trust by 1.7% during the 1st quarter. Mad River Investors now owns 1,003,140 shares of the oil and gas producer’s stock worth $21,588,000 after purchasing an additional 16,321 shares during the last quarter. Moors & Cabot Inc. grew its holdings in shares of Permian Basin Royalty Trust by 10.5% during the fourth quarter. Moors & Cabot Inc. now owns 585,746 shares of the oil and gas producer’s stock worth $9,946,000 after buying an additional 55,456 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Permian Basin Royalty Trust by 116.0% in the first quarter. Sei Investments Co. now owns 422,000 shares of the oil and gas producer’s stock valued at $9,081,000 after buying an additional 226,600 shares during the last quarter. Hedge funds and other 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.