PermRock Royalty Trust (NYSE:PRT) Upgraded by Wall Street Zen to Hold Rating
by Mitch Edgeman · The Markets DailyWall Street Zen upgraded shares of PermRock Royalty Trust (NYSE:PRT – Free Report) to a hold rating in a report issued on Saturday.
PermRock Royalty Trust Trading Down 1.4%
PRT opened at $3.33 on Friday. The company has a fifty day simple moving average of $3.35 and a 200 day simple moving average of $3.61. The firm has a market cap of $40.54 million, a price-to-earnings ratio of 7.93 and a beta of 0.72. PermRock Royalty Trust has a twelve month low of $2.61 and a twelve month high of $4.42.
PermRock Royalty Trust Cuts Dividend
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.003 per share. This represents a c) annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 31st. PermRock Royalty Trust’s dividend payout ratio (DPR) is currently 30.95%.
Hedge Funds Weigh In On PermRock Royalty Trust
An institutional investor recently bought a new position in PermRock Royalty Trust stock. Jane Street Group LLC acquired a new position in shares of PermRock Royalty Trust (NYSE:PRT – Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 19,023 shares of the company’s stock, valued at approximately $53,000. Jane Street Group LLC owned 0.16% of PermRock Royalty Trust as of its most recent SEC filing. Institutional investors own 41.67% of the company’s stock.
PermRock Royalty Trust Company Profile
PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.
The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.