Permian Basin Royalty Trust (NYSE:PBT) Rating Lowered to Hold at StockNews.com

StockNews.com lowered shares of Permian Basin Royalty Trust (NYSE:PBT) from a buy rating to a hold rating in a research note published on Thursday.

Permian Basin Royalty Trust Trading Up 0.5 %

NYSE:PBT opened at $13.20 on Thursday. Permian Basin Royalty Trust has a fifty-two week low of $10.14 and a fifty-two week high of $17.99. The business’s 50-day simple moving average is $11.90 and its 200-day simple moving average is $11.66.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued 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 presently 46.15%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several institutional investors have recently modified their holdings of PBT. Schwartz Investment Counsel Inc. lifted 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 in the last quarter. OFI Invest Asset Management bought a new stake in Permian Basin Royalty Trust in the 2nd quarter valued at approximately $1,303,000. BWM Planning LLC bought a new stake in Permian Basin Royalty Trust in the 3rd quarter valued at 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 acquiring an additional 87,080 shares in the last quarter. Finally, Independent Advisor Alliance bought a new stake in Permian Basin Royalty Trust in the 3rd quarter valued at approximately $837,000. Institutional investors 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.