Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Down – Here’s What Happened

Shares of Permian Basin Royalty Trust (NYSE:PBT) gapped down before the market opened on Wednesday . The stock had previously closed at $21.52, but opened at $20.77. Permian Basin Royalty Trust shares last traded at $20.64, with a volume of 55,414 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has an average rating of “Sell”.

Permian Basin Royalty Trust Price Performance

The firm’s 50-day moving average price is $19.92 and its 200-day moving average price is $18.66. The company has a market cap of $999.78 million, a price-to-earnings ratio of 67.03 and a beta of 0.41.

Permian Basin Royalty Trust (NYSE:PBT) last posted its earnings results on Friday, March 27th. The oil and gas producer reported $0.06 earnings per share for the quarter. The business had revenue of $2.61 million for the quarter. Permian Basin Royalty Trust had a net margin of 89.06% and a return on equity of 8,774.67%.

Permian Basin Royalty Trust Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be given a $0.0107 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a c) annualized dividend and a yield of 0.6%. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is 53.13%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC raised its holdings in shares of Permian Basin Royalty Trust by 327.9% during the 2nd quarter. Advisory Services Network LLC now owns 246,391 shares of the oil and gas producer’s stock valued at $3,299,000 after buying an additional 188,807 shares during the period. MOR Wealth Management LLC purchased a new position in Permian Basin Royalty Trust in the 4th quarter worth approximately $892,000. Mad River Investors boosted its holdings in Permian Basin Royalty Trust by 3.4% in the 3rd quarter. Mad River Investors now owns 922,230 shares of the oil and gas producer’s stock worth $16,831,000 after acquiring an additional 30,313 shares during the period. HighTower Advisors LLC grew its position in Permian Basin Royalty Trust by 75.4% in the third quarter. HighTower Advisors LLC now owns 71,093 shares of the oil and gas producer’s stock valued at $1,298,000 after acquiring an additional 30,556 shares in the last quarter. Finally, Moors & Cabot Inc. grew its position in Permian Basin Royalty Trust by 10.5% in the fourth quarter. Moors & Cabot Inc. now owns 585,746 shares of the oil and gas producer’s stock valued at $9,946,000 after acquiring an additional 55,456 shares in the last quarter. Hedge funds and other institutional investors own 28.86% of the company’s stock.

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.