Permian Basin Royalty Trust (NYSE:PBT) Lowered to “Hold” Rating by StockNews.com

by · The Cerbat Gem

StockNews.com lowered shares of Permian Basin Royalty Trust (NYSE:PBT – Free Report) from a buy rating to a hold rating in a report released on Thursday morning.

Permian Basin Royalty Trust Price Performance

PBT stock opened at $13.52 on Thursday. Permian Basin Royalty Trust has a twelve month low of $10.14 and a twelve month high of $17.39. The business’s fifty day moving average is $11.98 and its 200-day moving average is $11.67.

Permian Basin Royalty Trust Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.0217 per share. This represents a $0.26 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, November 29th. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is currently 46.15%.

Institutional Trading of Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently modified their holdings of PBT. Schwartz Investment Counsel Inc. grew its holdings in Permian Basin Royalty Trust by 23.0% during 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 during the period. OFI Invest Asset Management acquired a new position in shares of Permian Basin Royalty Trust in the 2nd quarter valued at $1,303,000. BWM Planning LLC bought a new stake in shares of Permian Basin Royalty Trust in the 3rd quarter valued at $1,233,000. Moors & Cabot Inc. raised its stake in Permian Basin Royalty Trust by 23.3% during the 2nd quarter. Moors & Cabot Inc. now owns 460,087 shares of the oil and gas producer’s stock worth $5,181,000 after buying an additional 87,080 shares during the period. Finally, Independent Advisor Alliance bought a new position in Permian Basin Royalty Trust during the third quarter worth about $837,000. 28.86% of the stock is owned by institutional investors.

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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