PermRock Royalty Trust (NYSE:PRT) Stock Price Up 1.5% – Here’s Why

PermRock Royalty Trust (NYSE:PRT) shares traded up 1.5% during trading on Monday . The stock traded as high as $4.12 and last traded at $4.10. 31,727 shares changed hands during trading, a decline of 30% from the average session volume of 45,623 shares. The stock had previously closed at $4.04.

PermRock Royalty Trust Stock Up 1.5%

The stock’s 50 day moving average price is $3.98 and its 200-day moving average price is $4.02. The stock has a market capitalization of $49.90 million, a P/E ratio of 9.11 and a beta of 0.99.

PermRock Royalty Trust (NYSE:PRT) last posted its earnings results on Wednesday, May 14th. The company reported $0.12 earnings per share (EPS) for the quarter. PermRock Royalty Trust had a net margin of 85.61% and a return on equity of 7.57%. The firm had revenue of $1.72 million during the quarter.

PermRock Royalty Trust Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.0444 dividend. This is a boost from PermRock Royalty Trust’s previous monthly dividend of $0.03. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.53 annualized dividend and a yield of 12.98%. PermRock Royalty Trust’s dividend payout ratio (DPR) is 117.78%.

Hedge Funds Weigh In On PermRock Royalty Trust

Institutional investors have recently bought and sold shares of the company. Millennium Management LLC acquired a new stake in PermRock Royalty Trust during the fourth quarter worth about $36,000. PNC Financial Services Group Inc. raised its position in shares of PermRock Royalty Trust by 1,400.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 15,000 shares of the company’s stock worth $64,000 after buying an additional 14,000 shares in the last quarter. Ameriflex Group Inc. bought a new position in PermRock Royalty Trust during the fourth quarter valued at about $55,000. Finally, Howard Financial Services LTD. acquired a new stake in shares of PermRock Royalty Trust during the second quarter worth $119,000. 41.67% of the stock is owned by institutional investors and hedge funds.

About PermRock Royalty Trust

PermRock Royalty Trust operates as a statutory trust. It owns interests in the oil and natural gas producing properties. The company's underlying properties include 22,394 net acres in the Permian Basin. The company was founded in 2017 and is based in Dallas, Texas.