Permian Basin Royalty Trust (NYSE:PBT) Shares Down 5.9% – Here’s What Happened

Permian Basin Royalty Trust (NYSE:PBT) shares dropped 5.9% on Monday . The company traded as low as $27.00 and last traded at $26.7740. Approximately 10,995 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 132,070 shares. The stock had previously closed at $28.45.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Permian Basin Royalty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, Permian Basin Royalty Trust has an average rating of “Hold”.

Permian Basin Royalty Trust Trading Down 5.6%

The firm has a fifty day simple moving average of $25.56 and a two-hundred day simple moving average of $21.23. The firm has a market cap of $1.25 billion, a PE ratio of 83.92 and a beta of 0.48.

Permian Basin Royalty Trust (NYSE:PBT) last issued its quarterly earnings data on Thursday, May 14th. The oil and gas producer reported $0.06 earnings per share (EPS) for the quarter. The business had revenue of $3.57 million for the quarter. Permian Basin Royalty Trust had a net margin of 88.99% and a return on equity of 9,061.81%.

Permian Basin Royalty Trust Cuts Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were given a dividend of $0.0204 per share. This represents a c) dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, May 29th. Permian Basin Royalty Trust’s payout ratio is presently 75.00%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC purchased a new position in Permian Basin Royalty Trust during the 4th quarter valued at $28,000. Foster Dykema Cabot & Partners LLC purchased a new position in Permian Basin Royalty Trust during the 3rd quarter valued at $40,000. NewEdge Advisors LLC grew its position in shares of Permian Basin Royalty Trust by 53.1% in the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock worth $47,000 after buying an additional 1,304 shares during the period. Royal Bank of Canada grew its position in shares of Permian Basin Royalty Trust by 6.0% in the 4th quarter. Royal Bank of Canada now owns 9,802 shares of the oil and gas producer’s stock worth $166,000 after buying an additional 558 shares during the period. Finally, Walleye Capital LLC purchased a new stake in shares of Permian Basin Royalty Trust in the 4th quarter worth about $211,000. 28.86% of the stock is owned by hedge funds and other 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.