PermRock Royalty Trust (NYSE:PRT) Shares Down 2.3% – Time to Sell?

Shares of PermRock Royalty Trust (NYSE:PRT) fell 2.3% on Thursday . The company traded as low as $2.09 and last traded at $2.12. Approximately 28,681 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 52,560 shares. The stock had previously closed at $2.17.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised PermRock Royalty Trust to a “hold” rating in a research report on Saturday, March 21st.

PermRock Royalty Trust Trading Down 2.3%

The stock has a market cap of $25.80 million, a P/E ratio of 7.07 and a beta of 0.39. The firm’s fifty day moving average is $2.30 and its 200 day moving average is $2.90.

PermRock Royalty Trust (NYSE:PRT) last released its earnings results on Thursday, May 14th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.06). The firm had revenue of $0.66 million for the quarter, compared to analyst estimates of $4.93 million. PermRock Royalty Trust had a return on equity of 7.59% and a net margin of 80.38%.

PermRock Royalty Trust Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.0305 per share. This represents a c) annualized dividend and a yield of 17.3%. The ex-dividend date is Tuesday, June 30th. This is a positive change from PermRock Royalty Trust’s previous monthly dividend of $0.00. PermRock Royalty Trust’s dividend payout ratio is currently 123.33%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PRT. Ameriflex Group Inc. acquired a new position in shares of PermRock Royalty Trust during the third quarter worth approximately $40,000. Cetera Investment Advisers acquired a new stake in shares of PermRock Royalty Trust in the first quarter worth $51,000. Finally, Jane Street Group LLC acquired a new stake in shares of PermRock Royalty Trust in the fourth quarter worth $53,000. 41.67% of the stock is owned by institutional investors.

PermRock Royalty Trust Company Profile

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.