Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Down – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT) gapped down prior to trading on Friday. The stock had previously closed at $34.60, but opened at $33.48. Permian Basin Royalty Trust shares last traded at $33.6310, with a volume of 2,990 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Permian Basin Royalty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Hold rating. According to MarketBeat, the company has an average rating of “Hold”.

Permian Basin Royalty Trust Trading Down 1.0%

The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 95.14 and a beta of 0.56. The stock has a 50-day moving average of $33.87 and a two-hundred day moving average of $28.90.

Permian Basin Royalty Trust (NYSE:PBT) last issued its quarterly earnings results on Thursday, August 13th. The oil and gas producer reported $0.08 earnings per share for the quarter. The firm had revenue of $4.18 million for the quarter. Permian Basin Royalty Trust had a return on equity of 9,990.08% and a net margin of 91.96%.

Permian Basin Royalty Trust Increases Dividend

The company also recently announced a monthly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.0196 dividend. The ex-dividend date was Wednesday, September 30th. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.0187. This represents a $0.24 annualized dividend and a dividend yield of 0.7%. Permian Basin Royalty Trust’s dividend payout ratio is 65.71%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. CX Institutional raised its holdings in shares of Permian Basin Royalty Trust by 80.3% during the second quarter. CX Institutional now owns 2,109 shares of the oil and gas producer’s stock valued at $53,000 after acquiring an additional 939 shares during the period. NewEdge Advisors LLC lifted its position in shares of Permian Basin Royalty Trust by 25.1% in the 2nd quarter. NewEdge Advisors LLC now owns 3,493 shares of the oil and gas producer’s stock valued at $87,000 after acquiring an additional 701 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Permian Basin Royalty Trust in the 2nd quarter valued at approximately $114,000. Post Resch Tallon Group Inc. purchased a new stake in shares of Permian Basin Royalty Trust in the 2nd quarter valued at approximately $210,000. Finally, Tidal Investments LLC acquired a new position in Permian Basin Royalty Trust in the 2nd quarter worth approximately $211,000. 28.86% of the stock is owned by hedge funds and other institutional investors.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust (NYSE:PBT) is a grantor trust that owns royalty and net profits interests in oil and natural gas properties located primarily in the Permian Basin of West Texas. The trust does not operate wells or provide products and services directly; instead, it receives proceeds generated by the underlying properties and distributes the resulting income to its unitholders.

The trust’s interests include properties associated with the Waddell Ranch and other Texas royalty assets.