Permian Basin Royalty Trust (NYSE:PBT - Get Free Report) dropped 2.2% during mid-day trading on Thursday . The stock traded as low as $10.90 and last traded at $10.97. Approximately 46,529 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 132,728 shares. The stock had previously closed at $11.22.
Analyst Ratings Changes
Separately, StockNews.com raised shares of Permian Basin Royalty Trust from a "hold" rating to a "buy" rating in a research note on Wednesday, December 18th.
Get Our Latest Research Report on Permian Basin Royalty Trust
Permian Basin Royalty Trust Stock Performance
The company has a fifty day simple moving average of $12.12 and a 200 day simple moving average of $11.62. The stock has a market capitalization of $492.67 million, a price-to-earnings ratio of 13.55 and a beta of 0.66.
Permian Basin Royalty Trust Increases Dividend
The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.0219 dividend. This is a positive change from Permian Basin Royalty Trust's previous monthly dividend of $0.02. This represents a $0.26 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date is Tuesday, December 31st. Permian Basin Royalty Trust's payout ratio is currently 33.33%.
Institutional Trading of Permian Basin Royalty Trust
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PBT. Schwartz Investment Counsel Inc. increased its stake in Permian Basin Royalty Trust by 23.0% in the third quarter. Schwartz Investment Counsel Inc. now owns 1,402,402 shares of the oil and gas producer's stock valued at $16,647,000 after purchasing an additional 262,233 shares in the last quarter. BWM Planning LLC bought a new stake in shares of Permian Basin Royalty Trust during the third quarter worth about $1,233,000. Moors & Cabot Inc. lifted its position in Permian Basin Royalty Trust by 23.3% in the 2nd quarter. Moors & Cabot Inc. now owns 460,087 shares of the oil and gas producer's stock valued at $5,181,000 after acquiring an additional 87,080 shares in the last quarter. Independent Advisor Alliance acquired a new position in Permian Basin Royalty Trust during the 3rd quarter valued at about $837,000. Finally, Atlas Wealth Partners LLC purchased a new stake in shares of Permian Basin Royalty Trust in the third quarter worth approximately $758,000. Institutional investors and hedge funds own 28.86% of the company's stock.
About Permian Basin Royalty Trust
(
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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.
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