Permian Basin Royalty Trust (NYSE:PBT) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Permian Basin Royalty Trust (NYSE:PBT)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $26.24 and traded as high as $34.30. Permian Basin Royalty Trust shares last traded at $34.15, with a volume of 72,038 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Permian Basin Royalty Trust in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold”.

Permian Basin Royalty Trust Price Performance

The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 99.77 and a beta of 0.50. The business has a 50 day simple moving average of $30.78 and a 200-day simple moving average of $26.35.

Permian Basin Royalty Trust (NYSE:PBT) last released its quarterly earnings results on Thursday, August 13th. The oil and gas producer reported $0.08 EPS for the quarter. Permian Basin Royalty Trust had a return on equity of 9,990.08% and a net margin of 91.96%.The company had revenue of $4.18 million for the quarter.

Permian Basin Royalty Trust Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a dividend of $0.0187 per share. This represents a c) annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, August 31st. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is 62.86%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBT. Creative Planning boosted its position in shares of Permian Basin Royalty Trust by 14.5% during the second quarter. Creative Planning now owns 14,995 shares of the oil and gas producer’s stock worth $187,000 after buying an additional 1,903 shares during the period. JPMorgan Chase & Co. raised its position in 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 valued at $1,300,000 after buying an additional 99,829 shares during the last quarter. XTX Topco Ltd bought a new stake in Permian Basin Royalty Trust in the 2nd quarter valued at approximately $188,000. NewEdge Advisors LLC lifted its position in shares of Permian Basin Royalty Trust by 53.1% in the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock worth $47,000 after purchasing an additional 1,304 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in Permian Basin Royalty Trust by 145.1% during the 2nd quarter. Raymond James Financial Inc. now owns 64,466 shares of the oil and gas producer’s stock worth $803,000 after buying an additional 38,164 shares in the last quarter. 28.86% of the stock is owned by institutional investors and hedge funds.

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.