Kovack Advisors Inc. Sells 6,500 Shares of Permian Basin Royalty Trust (PBT)

Kovack Advisors Inc. cut its stake in Permian Basin Royalty Trust (NYSE:PBT) by 23.2% in the 1st quarter, HoldingsChannel reports. The firm owned 21,500 shares of the oil and gas producer’s stock after selling 6,500 shares during the quarter. Kovack Advisors Inc.’s holdings in Permian Basin Royalty Trust were worth $162,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cullen Frost Bankers Inc. purchased a new position in shares of Permian Basin Royalty Trust in the first quarter valued at $41,000. Creative Planning purchased a new position in shares of Permian Basin Royalty Trust in the first quarter valued at $107,000. GSA Capital Partners LLP purchased a new position in shares of Permian Basin Royalty Trust in the fourth quarter valued at $91,000. Millennium Management LLC purchased a new position in shares of Permian Basin Royalty Trust in the fourth quarter valued at $100,000. Finally, California Public Employees Retirement System purchased a new position in shares of Permian Basin Royalty Trust in the first quarter valued at $135,000. Institutional investors own 10.02% of the company’s stock.

Separately, TheStreet upgraded Permian Basin Royalty Trust from a “c+” rating to a “b” rating in a research report on Wednesday, February 27th.

Shares of NYSE PBT opened at $6.38 on Thursday. The firm has a market capitalization of $303.89 million, a PE ratio of 9.88 and a beta of 0.78. Permian Basin Royalty Trust has a fifty-two week low of $5.52 and a fifty-two week high of $10.11.

The business also recently declared a monthly dividend, which was paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th were given a $0.018 dividend. This represents a $0.22 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Monday, April 29th.

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Permian Basin Royalty Trust Profile

Permian Basin Royalty Trust, an express trust, holds overriding royalty interests in various oil and gas properties in the United States. The company owns a 75% net overriding royalty interest in the Waddell Ranch properties comprising Dune, Judkins, McKnight, Tubb, University-Waddell, and Waddell fields located in Crane County, Texas.

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Want to see what other hedge funds are holding PBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Permian Basin Royalty Trust (NYSE:PBT).

Institutional Ownership by Quarter for Permian Basin Royalty Trust (NYSE:PBT)

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