Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Up – Here’s What Happened

Permian Basin Royalty Trust (NYSE:PBT)’s share price gapped up prior to trading on Friday . The stock had previously closed at $18.82, but opened at $19.65. Permian Basin Royalty Trust shares last traded at $19.4760, with a volume of 8,788 shares changing hands.

Permian Basin Royalty Trust Price Performance

The firm’s 50 day moving average price is $18.03 and its two-hundred day moving average price is $17.78. The stock has a market cap of $900.13 million, a PE ratio of 56.78 and a beta of 0.46.

Permian Basin Royalty Trust Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a dividend of $0.0142 per share. The ex-dividend date 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 141.18%.

Institutional Trading of Permian Basin Royalty Trust

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in Permian Basin Royalty Trust by 6.0% during the 4th quarter. Royal Bank of Canada now owns 9,802 shares of the oil and gas producer’s stock valued at $166,000 after buying an additional 558 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Permian Basin Royalty Trust by 0.8% during the 4th quarter. HighTower Advisors LLC now owns 71,697 shares of the oil and gas producer’s stock valued at $1,217,000 after buying an additional 604 shares during the period. BWM Planning LLC boosted its holdings in shares of Permian Basin Royalty Trust by 0.6% in the third quarter. BWM Planning LLC now owns 104,397 shares of the oil and gas producer’s stock worth $1,905,000 after buying an additional 672 shares during the last quarter. Virtus Investment Advisers LLC grew its position in Permian Basin Royalty Trust by 7.1% during the second quarter. Virtus Investment Advisers LLC now owns 14,369 shares of the oil and gas producer’s stock valued at $179,000 after buying an additional 949 shares during the period. Finally, Atlantic Union Bankshares Corp raised its position in 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 during the period. 28.86% of the stock is currently owned by institutional investors.

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.