Permian Basin Royalty Trust (NYSE:PBT) Hits New 1-Year High – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT)’s share price hit a new 52-week high on Monday . The stock traded as high as $23.75 and last traded at $23.9510, with a volume of 25251 shares. The stock had previously closed at $23.10.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, March 30th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Permian Basin Royalty Trust currently has a consensus rating of “Sell”.

Permian Basin Royalty Trust Stock Performance

The company has a market cap of $1.34 billion, a P/E ratio of 89.97 and a beta of 0.42. The firm’s fifty day moving average is $21.76 and its two-hundred day moving average is $19.52.

Permian Basin Royalty Trust (NYSE:PBT) last issued its earnings results on Friday, March 27th. The oil and gas producer reported $0.06 earnings per share for the quarter. The company had revenue of $2.61 million during 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 Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Thursday, April 30th will be issued a dividend of $0.038 per share. This is a boost from Permian Basin Royalty Trust’s previous monthly dividend of $0.01. The ex-dividend date of this dividend is Thursday, April 30th. This represents a c) annualized dividend and a dividend yield of 1.6%. Permian Basin Royalty Trust’s payout ratio is currently 140.62%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in shares of Permian Basin Royalty Trust by 6.0% during the 4th quarter. Royal Bank of Canada now owns 9,802 shares of the oil and gas producer’s stock valued at $166,000 after buying an additional 558 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Permian Basin Royalty Trust by 0.8% during the 4th quarter. HighTower Advisors LLC now owns 71,697 shares of the oil and gas producer’s stock valued at $1,217,000 after buying an additional 604 shares in the last quarter. BWM Planning LLC raised its position in shares of Permian Basin Royalty Trust by 0.6% during the 3rd quarter. BWM Planning LLC now owns 104,397 shares of the oil and gas producer’s stock valued at $1,905,000 after buying an additional 672 shares in the last quarter. Atlantic Union Bankshares Corp raised its position in shares of Permian Basin Royalty Trust by 16.2% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 7,582 shares of the oil and gas producer’s stock valued at $138,000 after buying an additional 1,058 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Permian Basin Royalty Trust by 53.1% during the 2nd quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock valued at $47,000 after buying an additional 1,304 shares in the last quarter. Institutional investors own 28.86% of the company’s stock.

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.