PermRock Royalty Trust (NYSE:PRT) announced a monthly dividend on Thursday, April 18th, NASDAQ reports. Investors of record on Tuesday, April 30th will be paid a dividend of 0.055 per share on Tuesday, May 14th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 7.75%. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from PermRock Royalty Trust’s previous monthly dividend of $0.04.

PermRock Royalty Trust has a dividend payout ratio of 22.5% meaning its dividend is sufficiently covered by earnings. Analysts expect PermRock Royalty Trust to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 27.2%.

Shares of NYSE PRT opened at $8.52 on Friday. PermRock Royalty Trust has a 1-year low of $5.45 and a 1-year high of $16.69.

A number of research firms have commented on PRT. Zacks Investment Research cut PermRock Royalty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. Stifel Nicolaus cut PermRock Royalty Trust from a “buy” rating to a “hold” rating and decreased their price target for the company from $12.00 to $10.00 in a research note on Wednesday, January 16th. Finally, ValuEngine upgraded PermRock Royalty Trust from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $15.15.

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PermRock Royalty Trust Company Profile

PermRock Royalty Trust owns 80% net profits interest in the oil and natural gas production properties acquired by Boaz Energy II, LLC in the Permian Basin, Texas. The company was founded in 2017 and is based in Fort Worth, Texas.

See Also: Net Income

Dividend History for PermRock Royalty Trust (NYSE:PRT)

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