Permian Basin Royalty Trust (NYSE:PBT) Reaches New 12-Month High – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.12 and last traded at $21.1730, with a volume of 46273 shares changing hands. The stock had previously closed at $20.77.

Permian Basin Royalty Trust Stock Up 1.4%

The firm has a market cap of $981.79 million, a price-to-earnings ratio of 61.95 and a beta of 0.43. The company has a 50 day moving average of $18.89 and a 200 day moving average of $18.23.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a dividend of $0.0142 per share. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a yield of 0.8%. Permian Basin Royalty Trust’s dividend payout ratio is currently 50.00%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Several large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new stake in shares of Permian Basin Royalty Trust during the third quarter worth $27,000. Kestra Advisory Services LLC purchased a new stake in Permian Basin Royalty Trust during the fourth quarter valued at about $28,000. Foster Dykema Cabot & Partners LLC purchased a new stake in Permian Basin Royalty Trust during the third quarter valued at about $40,000. NewEdge Advisors LLC boosted its holdings in shares of Permian Basin Royalty Trust by 53.1% in the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock worth $47,000 after buying an additional 1,304 shares during the period. Finally, Atlantic Union Bankshares Corp increased its position in shares of Permian Basin Royalty Trust by 16.2% in the third quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer’s stock worth $138,000 after acquiring an additional 1,058 shares in the last quarter. 28.86% of the stock is owned by institutional investors.

Permian Basin Royalty Trust Company Profile

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.