Permian Basin Royalty Trust (NYSE:PBT) Sets New 52-Week High – Time to Buy?

Permian Basin Royalty Trust (NYSE:PBT) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $32.33 and last traded at $32.62, with a volume of 172049 shares traded. The stock had previously closed at $30.33.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Permian Basin Royalty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Stock Performance

The stock’s 50-day moving average is $27.64 and its 200 day moving average is $23.82. The firm has a market cap of $1.46 billion, a P/E ratio of 98.12 and a beta of 0.48.

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

Permian Basin Royalty Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.0436 per share. This is a boost from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. The ex-dividend date is Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 1.7%. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is presently 162.50%.

Institutional Trading of Permian Basin Royalty Trust

A number of large investors have recently bought and sold shares of PBT. Kestra Advisory Services LLC bought a new position in Permian Basin Royalty Trust in the fourth quarter valued at approximately $28,000. NewEdge Advisors LLC increased its position 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 acquiring an additional 1,304 shares in the last quarter. CX Institutional raised its holdings in shares of Permian Basin Royalty Trust by 80.3% during the second quarter. CX Institutional now owns 2,109 shares of the oil and gas producer’s stock worth $53,000 after acquiring an additional 939 shares during the period. Bank of America Corp DE raised its holdings in shares of Permian Basin Royalty Trust by 27.0% during the second quarter. Bank of America Corp DE now owns 13,037 shares of the oil and gas producer’s stock worth $162,000 after acquiring an additional 2,769 shares during the period. Finally, Royal Bank of Canada lifted its position in 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 valued at $166,000 after acquiring an additional 558 shares in the last quarter. 28.86% of the stock is owned by 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.