Permian Basin Royalty Trust (NYSE:PBT) Shares Up 4.5% - Here's What Happened

Permian Basin Royalty Trust (NYSE:PBT - Get Free Report)'s stock price shot up 4.5% during mid-day trading on Monday . The company traded as high as $10.96 and last traded at $10.96. 152,378 shares changed hands during mid-day trading, an increase of 14% from the average session volume of 134,029 shares. The stock had previously closed at $10.49.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised 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 Up 4.5 %

The firm has a market cap of $510.85 million, a P/E ratio of 14.05 and a beta of 0.66. The firm's 50-day simple moving average is $12.09 and its 200 day simple moving average is $11.59.

Permian Basin Royalty Trust Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.0219 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Permian Basin Royalty Trust's previous monthly dividend of $0.02. Permian Basin Royalty Trust's payout ratio is 33.33%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. EagleClaw Capital Managment LLC raised its stake in shares of Permian Basin Royalty Trust by 2.3% in the third quarter. EagleClaw Capital Managment LLC now owns 41,375 shares of the oil and gas producer's stock valued at $492,000 after buying an additional 925 shares during the period. PFG Investments LLC raised its stake in Permian Basin Royalty Trust by 8.1% in the 2nd quarter. PFG Investments LLC now owns 18,666 shares of the oil and gas producer's stock valued at $210,000 after acquiring an additional 1,400 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Permian Basin Royalty Trust by 3.8% during the second quarter. Commonwealth Equity Services LLC now owns 75,375 shares of the oil and gas producer's stock valued at $849,000 after purchasing an additional 2,761 shares during the last quarter. International Assets Investment Management LLC boosted its position in Permian Basin Royalty Trust by 1,089.0% during 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. Finally, Access Investment Management LLC bought a new position in Permian Basin Royalty Trust during the third quarter worth about $97,000. 28.86% of the stock is owned by institutional investors.

About Permian Basin Royalty Trust

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.