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

Permian Basin Royalty Trust (NYSE:PBT) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $21.12 and last traded at $21.1730, with a volume of 46273 shares trading hands. The stock had previously closed at $20.77.

Permian Basin Royalty Trust Price Performance

The firm has a 50 day simple moving average of $18.89 and a 200-day simple moving average of $18.23. The company has a market cap of $981.79 million, a price-to-earnings ratio of 61.95 and a beta of 0.43.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be issued a $0.0142 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, February 27th. Permian Basin Royalty Trust’s dividend payout ratio is presently 50.00%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd acquired a new stake in Permian Basin Royalty Trust in the fourth quarter valued at $230,000. Avondale Wealth Management grew its holdings in Permian Basin Royalty Trust by 215.5% during the 4th quarter. Avondale Wealth Management now owns 45,750 shares of the oil and gas producer’s stock valued at $777,000 after buying an additional 31,250 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Permian Basin Royalty Trust by 6.0% in the fourth quarter. Royal Bank of Canada now owns 9,802 shares of the oil and gas producer’s stock worth $166,000 after acquiring an additional 558 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Permian Basin Royalty Trust during the fourth quarter valued at $28,000. Finally, Walleye Capital LLC acquired a new position in Permian Basin Royalty Trust in the 4th quarter valued at about $211,000. 28.86% of the stock is owned by institutional investors and hedge funds.

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.