Permian Basin Royalty Trust (NYSE:PBT – Get Free Report) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totaling 1,764,223 shares, an increase of 535.1% from the September 30th total of 277,800 shares. Approximately 3.8% of the company’s stock are sold short. Based on an average trading volume of 307,439 shares, the days-to-cover ratio is currently 5.7 days.
Permian Basin Royalty Trust Trading Down 2.4%
Permian Basin Royalty Trust stock traded down $0.80 during mid-day trading on Thursday, hitting $32.60. The company had a trading volume of 13,347 shares, compared to its average volume of 133,260. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 93.16 and a beta of 0.56. Permian Basin Royalty Trust has a 12-month low of $16.25 and a 12-month high of $37.00. The company’s fifty day moving average is $33.95 and its 200-day moving average is $26.62.
Permian Basin Royalty Trust (NYSE:PBT – Get Free Report) last posted its earnings results on Thursday, August 13th. The oil and gas producer reported $0.08 earnings per share for the quarter. Permian Basin Royalty Trust had a net margin of 91.96% and a return on equity of 9,990.08%. The firm had revenue of $4.18 million during the quarter.
Permian Basin Royalty Trust Increases Dividend
The company also recently disclosed a monthly dividend, which will be paid on Monday, November 16th. Shareholders of record on Friday, October 30th will be issued a $0.0452 dividend. The ex-dividend date of this dividend is Friday, October 30th. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.0196. This represents a $0.54 dividend on an annualized basis and a yield of 1.7%. Permian Basin Royalty Trust’s dividend payout ratio is presently 154.29%.
Institutional Trading of Permian Basin Royalty Trust
A number of institutional investors and hedge funds have recently modified their holdings of the stock. CX Institutional grew its stake in shares of Permian Basin Royalty Trust by 80.3% in the second quarter. CX Institutional now owns 2,109 shares of the oil and gas producer’s stock valued at $53,000 after buying an additional 939 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Permian Basin Royalty Trust by 25.1% during the 2nd quarter. NewEdge Advisors LLC now owns 3,493 shares of the oil and gas producer’s stock worth $87,000 after buying an additional 701 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Permian Basin Royalty Trust during the second quarter worth $114,000. Post Resch Tallon Group Inc. purchased a new position in Permian Basin Royalty Trust in the second quarter valued at $210,000. Finally, Tidal Investments LLC purchased a new stake in Permian Basin Royalty Trust during the 2nd quarter worth about $211,000. Hedge funds and other institutional investors own 28.86% of the company’s stock.
Analysts Set New Price Targets
Separately, Weiss Ratings raised shares of Permian Basin Royalty Trust from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Hold rating. According to data from MarketBeat, the stock has a consensus rating of “Hold”.
View Our Latest Stock Analysis on Permian Basin Royalty Trust
About Permian Basin Royalty Trust
Permian Basin Royalty Trust (NYSE: PBT) is a grantor trust that holds interests in oil and natural gas properties located in the Permian Basin of West Texas. The trust does not explore for, develop, or operate properties itself. Instead, it receives proceeds generated from the production and sale of hydrocarbons from properties in which it owns royalty or net profits interests.
The trust’s principal interests include properties associated with the Waddell Ranch in Texas, as well as additional Texas royalty properties.
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