PermRock Royalty Trust (PRT) Receives Consensus Rating of “Strong Buy” from Brokerages

PermRock Royalty Trust (NYSE:PRT) has been assigned an average broker rating score of 1.00 (Strong Buy) from the three analysts that cover the company, Zacks Investment Research reports. Three investment analysts have rated the stock with a strong buy rating.

Analysts have set a 12-month consensus target price of $18.33 for the company and are predicting that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also assigned PermRock Royalty Trust an industry rank of 66 out of 255 based on the ratings given to its competitors.

Separately, Stifel Nicolaus raised PermRock Royalty Trust from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Monday, October 1st.

Shares of NYSE PRT traded down $0.06 during mid-day trading on Friday, hitting $11.96. The stock had a trading volume of 104,600 shares, compared to its average volume of 87,415. PermRock Royalty Trust has a twelve month low of $11.75 and a twelve month high of $16.69.

The company also recently announced a monthly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were given a $0.131 dividend. This represents a $1.57 annualized dividend and a dividend yield of 13.14%. This is an increase from PermRock Royalty Trust’s previous monthly dividend of $0.09. The ex-dividend date was Thursday, September 27th.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in PermRock Royalty Trust during the 2nd quarter worth about $201,000. BB&T Securities LLC acquired a new stake in PermRock Royalty Trust during the 2nd quarter worth about $413,000. Millennium Management LLC acquired a new stake in PermRock Royalty Trust during the 2nd quarter worth about $1,558,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in PermRock Royalty Trust during the 2nd quarter worth about $8,327,000. 58.96% of the stock is currently owned by hedge funds and other institutional investors.

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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