PermRock Royalty Trust (NYSE:PRT) Trading 2.9% Higher – Here’s What Happened

PermRock Royalty Trust (NYSE:PRT)’s stock price rose 2.9% during mid-day trading on Friday . The company traded as high as $2.71 and last traded at $2.6860. Approximately 34,928 shares traded hands during trading, a decline of 61% from the average daily volume of 88,722 shares. The stock had previously closed at $2.61.

PermRock Royalty Trust Trading Up 2.9%

The business has a fifty day moving average of $3.61 and a 200-day moving average of $3.85. The firm has a market cap of $32.69 million, a PE ratio of 6.40 and a beta of 0.74.

PermRock Royalty Trust (NYSE:PRT) last posted its earnings results on Thursday, November 13th. The company reported $0.09 earnings per share for the quarter. PermRock Royalty Trust had a return on equity of 7.24% and a net margin of 85.31%.The business had revenue of $1.26 million during the quarter.

PermRock Royalty Trust Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.0164 per share. This represents a c) dividend on an annualized basis and a yield of 7.3%. The ex-dividend date of this dividend is Wednesday, December 31st. PermRock Royalty Trust’s dividend payout ratio is 47.62%.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in PermRock Royalty Trust stock. Ameriflex Group Inc. acquired a new position in shares of PermRock Royalty Trust (NYSE:PRT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,000 shares of the company’s stock, valued at approximately $40,000. Ameriflex Group Inc. owned approximately 0.08% of PermRock Royalty Trust at the end of the most recent quarter. Institutional investors and hedge funds own 41.67% of the company’s stock.

About PermRock Royalty Trust

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.