PermRock Royalty Trust (NYSE:PRT) Stock Price Down 0.7% – What’s Next?

PermRock Royalty Trust (NYSE:PRT) shares were down 0.7% on Tuesday. The company traded as low as $1.42 and last traded at $1.43. 8,729 shares changed hands during trading, a decline of 84% from the average session volume of 55,847 shares. The stock had previously closed at $1.44.

PermRock Royalty Trust Trading Down 1.0%

The stock has a market cap of $17.34 million, a P/E ratio of 6.20 and a beta of 0.48. The company’s fifty day simple moving average is $1.78 and its 200-day simple moving average is $2.48.

PermRock Royalty Trust (NYSE:PRT) last released its quarterly earnings data on Friday, August 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 7.72% and a net margin of 77.46%. The business had revenue of $0.71 million for the quarter, compared to the consensus estimate of $4.93 million.

PermRock Royalty Trust Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 16th. Shareholders of record on Friday, October 30th will be issued a dividend of $0.0162 per share. The ex-dividend date of this dividend is Friday, October 30th. This is a negative change from PermRock Royalty Trust’s previous monthly dividend of $0.0196. This represents a $0.19 dividend on an annualized basis and a yield of 13.6%. PermRock Royalty Trust’s dividend payout ratio (DPR) is presently 82.61%.

Hedge Funds Weigh In On PermRock Royalty Trust

A number of hedge funds have recently modified their holdings of PRT. Saber Capital Management LLC lifted its position in shares of PermRock Royalty Trust by 63.7% during the 3rd quarter. Saber Capital Management LLC now owns 234,989 shares of the company’s stock worth $454,000 after buying an additional 91,413 shares during the period. MBA Advisors LLC bought a new stake in PermRock Royalty Trust in the third quarter valued at $86,000. Finally, Cetera Investment Advisers bought a new stake in PermRock Royalty Trust in the first quarter valued at $51,000. 41.67% of the stock is owned by institutional investors and hedge funds.

About PermRock Royalty Trust

PermRock Royalty Trust (NYSE: PRT) is a grantor trust that owns a net profits interest in oil and natural gas properties located in the Permian Basin of West Texas. The trust is designed to distribute to its unitholders a portion of the cash generated from the sale of hydrocarbons produced from these properties, after applicable production expenses and other deductions. The trust was established in 2017 in connection with an initial public offering of its units. Its interests were contributed by Boaz Energy II, LLC, an independent oil and gas company.