PermRock Royalty Trust (NYSE:PRT) Trading Up 1.2% – Should You Buy?

PermRock Royalty Trust (NYSE:PRT) shares were up 1.2% on Monday . The stock traded as high as $2.16 and last traded at $2.1040. Approximately 27,259 shares changed hands during trading, a decline of 65% from the average daily volume of 77,606 shares. The stock had previously closed at $2.08.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of PermRock Royalty Trust to a “hold” rating in a research note on Saturday, March 21st.

PermRock Royalty Trust Trading Up 6.0%

The company has a market capitalization of $26.70 million, a P/E ratio of 7.31 and a beta of 0.42. The firm’s 50 day moving average price is $2.65 and its two-hundred day moving average price is $3.14.

PermRock Royalty Trust (NYSE:PRT) last released its earnings results on Thursday, May 14th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.06). PermRock Royalty Trust had a net margin of 80.38% and a return on equity of 7.59%. The firm had revenue of $0.66 million during the quarter, compared to the consensus estimate of $4.93 million.

PermRock Royalty Trust Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 29th will be paid a $0.0027 dividend. This is a boost from PermRock Royalty Trust’s previous monthly dividend of $0.00. This represents a c) annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, May 29th. PermRock Royalty Trust’s dividend payout ratio (DPR) is 10.00%.

Hedge Funds Weigh In On PermRock Royalty Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ameriflex Group Inc. bought a new position in shares of PermRock Royalty Trust in the third quarter valued at $40,000. Cetera Investment Advisers bought a new position in shares of PermRock Royalty Trust in the first quarter valued at $51,000. Finally, Jane Street Group LLC bought a new position in shares of PermRock Royalty Trust in the fourth quarter valued at $53,000. 41.67% of the stock is owned by institutional investors.

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.