PermRock Royalty Trust (NYSE:PRT) Trading Down 3.7% – Here’s Why

PermRock Royalty Trust (NYSE:PRT)’s stock price was down 3.7% during trading on Friday . The stock traded as low as $2.02 and last traded at $2.06. Approximately 33,911 shares were traded during mid-day trading, an increase of 51% from the average daily volume of 22,501 shares. The stock had previously closed at $2.14.

PermRock Royalty Trust Trading Down 3.7%

The company’s 50-day simple moving average is $2.21 and its 200 day simple moving average is $2.58. The stock has a market cap of $25.07 million, a P/E ratio of 8.96 and a beta of 0.41.

PermRock Royalty Trust (NYSE:PRT) last released its earnings results on Friday, August 14th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.06). The business had revenue of $0.71 million during the quarter, compared to the consensus estimate of $4.93 million. PermRock Royalty Trust had a net margin of 77.46% and a return on equity of 7.72%.

PermRock Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a $0.0218 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a c) annualized dividend and a yield of 12.7%. PermRock Royalty Trust’s payout ratio is currently 113.04%.

Institutional Investors Weigh In On PermRock Royalty Trust

An institutional investor recently bought a new stake in PermRock Royalty Trust stock. Cetera Investment Advisers bought a new position in shares of PermRock Royalty Trust (NYSE:PRT) during the first quarter, according to its most recent filing with the SEC. The fund bought 15,353 shares of the company’s stock, valued at approximately $51,000. Cetera Investment Advisers owned 0.13% of PermRock Royalty Trust at the end of the most recent reporting period. Hedge funds and other institutional investors own 41.67% of the company’s stock.

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.