Permian Basin Royalty Trust (NYSE:PBT) Shares Pass Above 200 Day Moving Average – Here’s Why

Permian Basin Royalty Trust (NYSE:PBT)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $17.18 and traded as high as $19.02. Permian Basin Royalty Trust shares last traded at $18.91, with a volume of 48,764 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c-)” rating on shares of Permian Basin Royalty Trust in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold”.

Permian Basin Royalty Trust Stock Performance

The business’s 50-day moving average is $17.85 and its 200-day moving average is $17.18. The company has a market capitalization of $881.40 million, a PE ratio of 55.62 and a beta of 0.45.

Permian Basin Royalty Trust (NYSE:PBT) last released its earnings results on Thursday, November 13th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter. The firm had revenue of $7.27 million during the quarter. Permian Basin Royalty Trust had a net margin of 88.68% and a return on equity of 9,354.51%.

Permian Basin Royalty Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be paid a $0.0401 dividend. This is an increase from Permian Basin Royalty Trust’s previous monthly dividend of $0.01. This represents a c) dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, January 30th. Permian Basin Royalty Trust’s payout ratio is currently 47.06%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of hedge funds have recently bought and sold shares of PBT. Geneos Wealth Management Inc. purchased a new stake in Permian Basin Royalty Trust during the 3rd quarter valued at about $27,000. Foster Dykema Cabot & Partners LLC bought a new position in shares of Permian Basin Royalty Trust in the third quarter worth approximately $40,000. NewEdge Advisors LLC grew its holdings in shares of Permian Basin Royalty Trust by 53.1% during the second quarter. NewEdge Advisors LLC now owns 3,762 shares of the oil and gas producer’s stock valued at $47,000 after buying an additional 1,304 shares during the last quarter. Access Investment Management LLC bought a new stake in shares of Permian Basin Royalty Trust during the second quarter valued at approximately $64,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Permian Basin Royalty Trust during the second quarter valued at approximately $81,000. Institutional investors own 28.86% of the company’s stock.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust (NYSE: PBT) is a passive investment vehicle that holds overriding royalty interests in oil and gas properties located in the Permian Basin region of West Texas. Established in 1980 by Apache Oil Company, the Trust does not engage in exploration or production activities. Instead, it owns net profit interests on specified acreage, allowing unitholders to participate directly in the cash flows generated by hydrocarbon extraction without bearing the costs or risks associated with day-to-day field operations.

The Trust’s interests cover acreage predominantly in Reeves and Loving Counties, where mature wells have been developed over several decades.