PermRock Royalty Trust (NYSE:PRT) Stock Price Down 1.1% – Here’s What Happened

Shares of PermRock Royalty Trust (NYSE:PRT) traded down 1.1% during mid-day trading on Tuesday . The stock traded as low as $2.18 and last traded at $2.2050. Approximately 9,140 shares were traded during trading, a decline of 67% from the average daily volume of 28,061 shares. The stock had previously closed at $2.23.

PermRock Royalty Trust Stock Performance

The firm has a market capitalization of $26.83 million, a P/E ratio of 7.35 and a beta of 0.40. The firm’s 50-day moving average is $2.22 and its 200 day moving average is $2.78.

PermRock Royalty Trust (NYSE:PRT) last announced its earnings results on Thursday, May 14th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.06). The company had revenue of $0.66 million during the quarter, compared to analyst estimates of $4.93 million. PermRock Royalty Trust had a return on equity of 7.59% and a net margin of 80.38%.

PermRock Royalty Trust Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a dividend of $0.0226 per share. This represents a c) annualized dividend and a dividend yield of 12.3%. The ex-dividend date of this dividend is Friday, July 31st. PermRock Royalty Trust’s dividend payout ratio is currently 90.00%.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in PermRock Royalty Trust stock. Cetera Investment Advisers bought a new stake in PermRock Royalty Trust (NYSE:PRT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 15,353 shares of the company’s stock, valued at approximately $51,000. Cetera Investment Advisers owned approximately 0.13% of PermRock Royalty Trust as of its most recent filing with the Securities and Exchange Commission. 41.67% of the stock is currently owned by institutional investors and hedge funds.

PermRock Royalty Trust Company Profile

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.