PermRock Royalty Trust (NYSE:PRT) to Issue Monthly Dividend of $0.07

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PermRock Royalty Trust (NYSE:PRT) declared a monthly dividend on Tuesday, June 18th, NASDAQ reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.072 per share on Monday, July 15th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 10.47%. The ex-dividend date is Thursday, June 27th.

PermRock Royalty Trust has a dividend payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PermRock Royalty Trust to earn $1.14 per share next year, which means the company should continue to be able to cover its $0.87 annual dividend with an expected future payout ratio of 76.3%.

Shares of PRT stock traded up $0.07 on Wednesday, reaching $8.25. 6,410 shares of the company were exchanged, compared to its average volume of 43,697. The company has a market cap of $100.40 million and a P/E ratio of 6.45. The firm has a 50-day moving average of $8.47. PermRock Royalty Trust has a 1 year low of $5.45 and a 1 year high of $16.38.

PermRock Royalty Trust (NYSE:PRT) last released its earnings results on Wednesday, May 15th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.37). The firm had revenue of $6.74 million for the quarter, compared to analyst estimates of $8.27 million. On average, equities research analysts anticipate that PermRock Royalty Trust will post 1.16 EPS for the current fiscal year.

A number of research firms have recently commented on PRT. ValuEngine cut shares of PermRock Royalty Trust from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 1st. Zacks Investment Research raised shares of PermRock Royalty Trust from a “strong sell” rating to a “buy” rating and set a $8.75 target price for the company in a research note on Tuesday, March 12th.

PermRock Royalty Trust Company Profile

PermRock Royalty Trust owns 80% net profits interest in the oil and natural gas production properties acquired by Boaz Energy II, LLC in the Permian Basin, Texas. The company was founded in 2017 and is based in Fort Worth, Texas.

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Dividend History for PermRock Royalty Trust (NYSE:PRT)

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