Permian Basin Royalty Trust (NYSE:PBT) Posts Quarterly Earnings Results

Permian Basin Royalty Trust (NYSE:PBT) released its quarterly earnings data on Thursday. The oil and gas producer reported $0.08 earnings per share for the quarter, Zacks reports. Permian Basin Royalty Trust had a net margin of 88.99% and a return on equity of 9,061.81%. The firm had revenue of $4.18 million for the quarter.

Permian Basin Royalty Trust Trading Down 1.3%

Permian Basin Royalty Trust stock traded down $0.45 during mid-day trading on Friday, hitting $33.05. The company had a trading volume of 91,565 shares, compared to its average volume of 131,387. Permian Basin Royalty Trust has a 12-month low of $14.81 and a 12-month high of $35.42. The company’s fifty day moving average is $28.06 and its 200-day moving average is $24.40. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 103.37 and a beta of 0.48.

Permian Basin Royalty Trust Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $0.0436 dividend. The ex-dividend date of this dividend is Friday, July 31st. This is a boost from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. This represents a c) dividend on an annualized basis and a yield of 1.6%. Permian Basin Royalty Trust’s dividend payout ratio is presently 162.50%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several large investors have recently made changes to their positions in PBT. Walleye Capital LLC acquired a new position in shares of Permian Basin Royalty Trust in the fourth quarter worth about $211,000. Avondale Wealth Management boosted its position in Permian Basin Royalty Trust by 93.3% during the third quarter. Avondale Wealth Management now owns 14,500 shares of the oil and gas producer’s stock worth $265,000 after purchasing an additional 7,000 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Permian Basin Royalty Trust by 136.7% during the 3rd quarter. Bank of America Corp DE now owns 30,863 shares of the oil and gas producer’s stock valued at $563,000 after buying an additional 17,826 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Permian Basin Royalty Trust by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 20,278 shares of the oil and gas producer’s stock valued at $370,000 after acquiring an additional 3,093 shares during the period. Finally, Creative Planning grew its stake in Permian Basin Royalty Trust by 11.9% in the 3rd quarter. Creative Planning now owns 16,778 shares of the oil and gas producer’s stock valued at $306,000 after acquiring an additional 1,783 shares during the period. 28.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Permian Basin Royalty Trust Company Profile

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.