Permian Basin Royalty Trust (NYSE:PBT) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Permian Basin Royalty Trust (NYSE:PBT) from a buy rating to a hold rating in a research report released on Monday morning.

Permian Basin Royalty Trust Price Performance

PBT opened at $11.54 on Monday. The stock’s 50 day simple moving average is $12.06 and its 200 day simple moving average is $11.60. The firm has a market cap of $537.88 million, a price-to-earnings ratio of 14.79 and a beta of 0.70. Permian Basin Royalty Trust has a 1 year low of $10.14 and a 1 year high of $15.79.

Permian Basin Royalty Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.0219 per share. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. This represents a $0.26 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Tuesday, December 31st. Permian Basin Royalty Trust’s dividend payout ratio is currently 33.33%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of hedge funds have recently modified their holdings of PBT. Access Investment Management LLC bought a new stake in shares of Permian Basin Royalty Trust in the third quarter worth about $97,000. International Assets Investment Management LLC increased its stake in shares of Permian Basin Royalty Trust by 1,089.0% during the third quarter. International Assets Investment Management LLC now owns 8,323 shares of the oil and gas producer’s stock valued at $99,000 after buying an additional 7,623 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Permian Basin Royalty Trust during the third quarter valued at approximately $110,000. Avondale Wealth Management purchased a new stake in Permian Basin Royalty Trust in the third quarter worth $113,000. Finally, Flow Traders U.S. LLC bought a new stake in Permian Basin Royalty Trust in the third quarter valued at $167,000. Hedge funds and other institutional investors own 28.86% of the company’s stock.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust, an express trust, holds royalty interests in various oil and gas properties in the United States. The company holds a 75% net overriding royalty interest in the Waddell Ranch properties, including Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell fields in Crane County, Texas.