Permian Basin Royalty Trust (NYSE:PBT) Stock Price Down 5.9% – Here’s What Happened

Permian Basin Royalty Trust (NYSE:PBT) shares traded down 5.9% during mid-day trading on Monday . The company traded as low as $27.00 and last traded at $26.7740. 10,995 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 132,070 shares. The stock had previously closed at $28.45.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Permian Basin Royalty Trust from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Trading Down 3.6%

The company has a market capitalization of $1.19 billion, a PE ratio of 79.77 and a beta of 0.49. The firm has a fifty day moving average of $25.77 and a two-hundred day moving average of $21.35.

Permian Basin Royalty Trust (NYSE:PBT) last issued its earnings results on Thursday, May 14th. The oil and gas producer reported $0.06 earnings per share for the quarter. The company had revenue of $3.57 million during the quarter. Permian Basin Royalty Trust had a return on equity of 9,061.81% and a net margin of 88.99%.

Permian Basin Royalty Trust Cuts Dividend

The company also recently declared a monthly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were given a dividend of $0.0204 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a c) annualized dividend and a yield of 1.0%. Permian Basin Royalty Trust’s dividend payout ratio is presently 75.00%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Several institutional investors have recently added to or reduced their stakes in the company. SoftVest Advisors LLC lifted its position in shares of Permian Basin Royalty Trust by 40.1% in the 2nd quarter. SoftVest Advisors LLC now owns 6,206,624 shares of the oil and gas producer’s stock worth $77,335,000 after purchasing an additional 1,776,929 shares during the period. Sei Investments Co. lifted its position in shares of Permian Basin Royalty Trust by 116.0% in the 1st quarter. Sei Investments Co. now owns 422,000 shares of the oil and gas producer’s stock worth $9,081,000 after purchasing an additional 226,600 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Permian Basin Royalty Trust by 2,233.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer’s stock worth $1,300,000 after purchasing an additional 99,829 shares during the period. UBS Group AG lifted its position in shares of Permian Basin Royalty Trust by 170.1% in the 3rd quarter. UBS Group AG now owns 147,578 shares of the oil and gas producer’s stock worth $2,693,000 after purchasing an additional 92,936 shares during the period. Finally, Horizon Kinetics Asset Management LLC lifted its position in shares of Permian Basin Royalty Trust by 1.5% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 6,187,800 shares of the oil and gas producer’s stock worth $105,069,000 after purchasing an additional 88,751 shares during the period. Hedge funds and other 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.