Permian Basin Royalty Trust (NYSE:PBT) Sees Strong Trading Volume - Here's What Happened

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 150,356 shares changed hands during mid-day trading, an increase of 11% from the previous session's volume of 135,931 shares.The stock last traded at $11.94 and had previously closed at $11.08.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Permian Basin Royalty Trust from a "hold" rating to a "buy" rating in a research report on Wednesday, December 18th.

Permian Basin Royalty Trust Stock Performance

The stock has a market cap of $537.88 million, a P/E ratio of 14.79 and a beta of 0.66. The stock's fifty day moving average is $12.05 and its 200 day moving average is $11.58.

Permian Basin Royalty Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.0219 dividend. This is a boost from Permian Basin Royalty Trust's previous monthly dividend of $0.02. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 2.28%. Permian Basin Royalty Trust's payout ratio is 33.33%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Access Investment Management LLC bought a new position in shares of Permian Basin Royalty Trust during the third quarter valued at approximately $97,000. International Assets Investment Management LLC increased its stake in Permian Basin Royalty Trust by 1,089.0% in the third quarter. International Assets Investment Management LLC now owns 8,323 shares of the oil and gas producer's stock worth $99,000 after purchasing an additional 7,623 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Permian Basin Royalty Trust during the third quarter worth $110,000. Avondale Wealth Management purchased a new stake in shares of Permian Basin Royalty Trust during the third quarter valued at $113,000. Finally, Flow Traders U.S. LLC bought a new position in shares of Permian Basin Royalty Trust in the third quarter worth about $167,000. Institutional investors own 28.86% of the company's stock.

Permian Basin Royalty Trust Company Profile

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.