SandRidge Permian Trust (PER) Short Interest Down 38.0% in September
SandRidge Permian Trust (NYSE:PER) was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 320,550 shares, a decline of 38.0% from the September 15th total of 516,835 shares. Based on an average daily volume of 136,266 shares, the days-to-cover ratio is currently 2.4 days. Currently, 0.8% of the company’s shares are sold short.
SandRidge Permian Trust (NYSE:PER) opened at 3.00 on Wednesday. The company’s 50-day moving average price is $2.73 and its 200 day moving average price is $2.61. SandRidge Permian Trust has a 52 week low of $2.01 and a 52 week high of $4.92. The company has a market cap of $157.50 million, a PE ratio of 3.97 and a beta of 1.08.
Several hedge funds have recently made changes to their positions in the company. Trust Asset Management LLC raised its stake in shares of SandRidge Permian Trust by 28.2% in the second quarter. Trust Asset Management LLC now owns 2,477,015 shares of the company’s stock valued at $6,440,000 after buying an additional 544,400 shares during the last quarter. Huntington National Bank bought a new position in SandRidge Permian Trust during the second quarter valued at approximately $190,000. Advisor Group Inc. bought a new position in SandRidge Permian Trust during the second quarter valued at approximately $131,000. Finally, Arrow Investment Advisors LLC increased its position in SandRidge Permian Trust by 7.0% in the second quarter. Arrow Investment Advisors LLC now owns 243,152 shares of the company’s stock valued at $632,000 after buying an additional 15,891 shares during the period. 9.66% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on the company. Canaccord Genuity reiterated a “buy” rating on shares of SandRidge Permian Trust in a report on Monday, August 15th. Roth Capital reiterated a “buy” rating on shares of SandRidge Permian Trust in a report on Tuesday, July 12th.
SandRidge Permian Trust Company Profile
Sandridge Permian Trust (the Trust) is a statutory trust. The Trust holds Royalty Interests in specified oil and natural gas properties in the Permian Basin located in Andrews County, Texas. The Trust’s business activities are generally limited to owning the Royalty Interests, and entering into hedging arrangements at the inception of the Trust and activities related thereto, including activities required or permitted by the terms of the conveyances related to the Royalty Interests.
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