Foundation Resource Management Inc. Reduces Stock Position in Permian Basin Royalty Trust (NYSE:PBT)

Foundation Resource Management Inc. cut its stake in Permian Basin Royalty Trust (NYSE:PBT) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 647,872 shares of the oil and gas producer’s stock after selling 14,669 shares during the period. Foundation Resource Management Inc. owned approximately 1.39% of Permian Basin Royalty Trust worth $6,420,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Avondale Wealth Management increased its stake in shares of Permian Basin Royalty Trust by 52.6% during the 1st quarter. Avondale Wealth Management now owns 29,000 shares of the oil and gas producer’s stock worth $287,000 after purchasing an additional 10,000 shares in the last quarter. Welch Group LLC increased its stake in shares of Permian Basin Royalty Trust by 68.3% during the 1st quarter. Welch Group LLC now owns 18,200 shares of the oil and gas producer’s stock worth $180,000 after purchasing an additional 7,384 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Permian Basin Royalty Trust during the fourth quarter worth approximately $623,000. Ameriprise Financial Inc. boosted its position in Permian Basin Royalty Trust by 16.1% during the fourth quarter. Ameriprise Financial Inc. now owns 11,688 shares of the oil and gas producer’s stock worth $128,000 after acquiring an additional 1,623 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in Permian Basin Royalty Trust during the fourth quarter worth approximately $475,000. 28.86% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Permian Basin Royalty Trust from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th.

Permian Basin Royalty Trust Trading Up 1.8%

NYSE:PBT opened at $11.19 on Monday. The firm has a market capitalization of $521.55 million, a price-to-earnings ratio of 14.35 and a beta of 0.56. The firm’s fifty day simple moving average is $10.19 and its 200 day simple moving average is $10.89. Permian Basin Royalty Trust has a twelve month low of $8.01 and a twelve month high of $14.26.

Permian Basin Royalty Trust (NYSE:PBT) last released its earnings results on Wednesday, May 14th. The oil and gas producer reported $0.06 earnings per share for the quarter. The company had revenue of $3.07 million during the quarter. Permian Basin Royalty Trust had a net margin of 96.32% and a return on equity of 17,811.24%.

Permian Basin Royalty Trust Cuts Dividend

The business also recently announced a dividend, which will be paid on Friday, June 13th. Stockholders of record on Monday, June 2nd will be given a $0.0188 dividend. This represents a dividend yield of 2.01%. The ex-dividend date is Friday, May 30th. Permian Basin Royalty Trust’s payout ratio is currently 44.90%.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust, an express trust, holds royalty interests in various oil and gas properties in the United States. The company holds a 75% net overriding royalty interest in the Waddell Ranch properties, including Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell fields in Crane County, Texas.