Permian Basin Royalty Trust (NYSE:PBT) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

Shares of Permian Basin Royalty Trust (NYSE PBT) traded down 2.45% during midday trading on Tuesday, hitting $8.77. The stock had a trading volume of 141,032 shares. The firm has a 50 day moving average of $8.99 and a 200-day moving average of $9.29. Permian Basin Royalty Trust has a one year low of $6.13 and a one year high of $10.30. The company has a market cap of $408.75 million, a P/E ratio of 15.58 and a beta of 0.59.

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A hedge fund recently raised its stake in Permian Basin Royalty Trust stock. Sigma Planning Corp raised its position in shares of Permian Basin Royalty Trust (NYSE:PBT) by 1.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,804 shares of the oil and gas producer’s stock after buying an additional 193 shares during the period. Sigma Planning Corp’s holdings in Permian Basin Royalty Trust were worth $111,000 at the end of the most recent quarter. 10.07% of the stock is owned by institutional investors.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust is an express trust. The Company’s Waddell Ranch Properties has mineral interests in the Waddell Ranch. Its Waddell Ranch properties have proved reserves in six fields: Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell.

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