Permian Basin Royalty Trust (NYSE:PBT) Stock Price Down 7.1% – Here’s What Happened

by · The Markets Daily

Permian Basin Royalty Trust (NYSE:PBT – Get Free Report) shares dropped 7.1% during mid-day trading on Monday . The stock traded as low as $12.82 and last traded at $12.88. Approximately 265,095 shares changed hands during mid-day trading, an increase of 105% from the average daily volume of 129,449 shares. The stock had previously closed at $13.86.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of Permian Basin Royalty Trust from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th.

Get Our Latest Analysis on Permian Basin Royalty Trust

Permian Basin Royalty Trust Price Performance

The company has a 50-day simple moving average of $11.88 and a 200-day simple moving average of $11.65.

Permian Basin Royalty Trust Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.0217 per share. This represents a $0.26 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Friday, November 29th. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is 46.15%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Schwartz Investment Counsel Inc. grew its stake in Permian Basin Royalty Trust by 23.0% in the 3rd 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 acquiring an additional 262,233 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Permian Basin Royalty Trust in the second quarter valued at approximately $1,303,000. BWM Planning LLC acquired a new position in shares of Permian Basin Royalty Trust during the 3rd quarter worth approximately $1,233,000. Moors & Cabot Inc. lifted its stake 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 buying an additional 87,080 shares in the last quarter. Finally, Independent Advisor Alliance acquired a new stake in Permian Basin Royalty Trust during the 3rd quarter valued at $837,000. 28.86% of the stock is owned by institutional investors and hedge funds.

Permian Basin Royalty Trust Company Profile

(Get Free Report)

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.

Recommended Stories