StockNews.com Downgrades Permian Basin Royalty Trust (NYSE:PBT) to Hold

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 Thursday morning.

Permian Basin Royalty Trust Trading Down 2.1 %

Shares of NYSE PBT opened at $11.34 on Thursday. The firm has a market capitalization of $528.32 million, a price-to-earnings ratio of 14.53 and a beta of 0.70. Permian Basin Royalty Trust has a one year low of $10.14 and a one year high of $14.58. The business has a fifty day simple moving average of $11.35 and a 200 day simple moving average of $11.61.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.0171 per share. The ex-dividend date is Friday, February 28th. This represents a $0.21 annualized dividend and a dividend yield of 1.81%. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is currently 32.05%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PBT. Schwartz Investment Counsel Inc. increased its position in shares of Permian Basin Royalty Trust by 23.0% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 1,402,402 shares of the oil and gas producer’s stock worth $16,647,000 after purchasing an additional 262,233 shares in the last quarter. Horizon Kinetics Asset Management LLC raised its holdings in shares of Permian Basin Royalty Trust by 7.1% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 3,946,083 shares of the oil and gas producer’s stock valued at $43,723,000 after buying an additional 261,819 shares during the last quarter. Wells Fargo & Company MN lifted its position in Permian Basin Royalty Trust by 211.0% during the 4th quarter. Wells Fargo & Company MN now owns 233,493 shares of the oil and gas producer’s stock worth $2,587,000 after buying an additional 158,403 shares in the last quarter. OFI Invest Asset Management bought a new stake in Permian Basin Royalty Trust during the 4th quarter worth about $1,327,000. Finally, Commonwealth Equity Services LLC increased its position in Permian Basin Royalty Trust by 87.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 220,527 shares of the oil and gas producer’s stock valued at $2,443,000 after acquiring an additional 102,568 shares in the last quarter. Institutional investors and hedge funds 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.