Permian Basin Royalty Trust (NYSE:PBT) Sets New 52-Week High – Here’s What Happened

Permian Basin Royalty Trust (NYSE:PBT)’s share price reached a new 52-week high on Monday . The company traded as high as $23.13 and last traded at $23.1440, with a volume of 129858 shares trading hands. The stock had previously closed at $22.45.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

Permian Basin Royalty Trust Price Performance

The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 69.98 and a beta of 0.42. The stock has a 50 day simple moving average of $21.36 and a two-hundred day simple moving average of $19.31.

Permian Basin Royalty Trust (NYSE:PBT) last posted its quarterly earnings results on Friday, March 27th. The oil and gas producer reported $0.06 earnings per share for the quarter. Permian Basin Royalty Trust had a return on equity of 8,774.67% and a net margin of 89.06%.The company had revenue of $2.61 million for the quarter.

Permian Basin Royalty Trust Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th will be paid a $0.038 dividend. This is a boost from Permian Basin Royalty Trust’s previous monthly dividend of $0.01. This represents a c) dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, April 30th. Permian Basin Royalty Trust’s payout ratio is 143.75%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new position in shares of Permian Basin Royalty Trust during the third quarter worth about $27,000. Kestra Advisory Services LLC purchased a new position in shares of Permian Basin Royalty Trust during the fourth quarter worth about $28,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Permian Basin Royalty Trust during the third quarter worth about $40,000. NewEdge Advisors LLC grew its holdings in shares of Permian Basin Royalty Trust by 53.1% during the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock worth $47,000 after purchasing an additional 1,304 shares during the last quarter. Finally, Atlantic Union Bankshares Corp grew its holdings in shares of Permian Basin Royalty Trust by 16.2% during the third quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer’s stock worth $138,000 after purchasing an additional 1,058 shares during the last quarter. Hedge funds and other institutional investors own 28.86% of the company’s stock.

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.