Permian Basin Royalty Trust (NYSE:PBT) Trading 4.6% Higher – Should You Buy?

Permian Basin Royalty Trust (NYSE:PBT) shares rose 4.6% on Tuesday . The company traded as high as $12.76 and last traded at $12.75. Approximately 68,753 shares were traded during trading, a decline of 45% from the average daily volume of 125,521 shares. The stock had previously closed at $12.19.

Permian Basin Royalty Trust Stock Up 1.3 %

The business’s 50-day moving average is $11.46 and its 200-day moving average is $11.57. The company has a market capitalization of $575.63 million, a price-to-earnings ratio of 18.22 and a beta of 0.59.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.03 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.36 dividend on an annualized basis and a yield of 2.91%. Permian Basin Royalty Trust’s dividend payout ratio is presently 52.94%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several large investors have recently bought and sold shares of PBT. Schwartz Investment Counsel Inc. raised its holdings in Permian Basin Royalty Trust by 23.0% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 1,402,402 shares of the oil and gas producer’s stock worth $16,647,000 after purchasing an additional 262,233 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Permian Basin Royalty Trust in the second quarter worth $1,303,000. BWM Planning LLC bought a new position in shares of Permian Basin Royalty Trust in the third quarter worth $1,233,000. Moors & Cabot Inc. grew its holdings in shares of Permian Basin Royalty Trust by 23.3% during the second quarter. Moors & Cabot Inc. now owns 460,087 shares of the oil and gas producer’s stock worth $5,181,000 after purchasing an additional 87,080 shares during the last quarter. Finally, Atlas Wealth Partners LLC bought a new stake in Permian Basin Royalty Trust in the third quarter valued at approximately $758,000. Institutional investors and hedge funds own 28.86% of the company’s stock.

About Permian Basin Royalty Trust

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.