PermRock Royalty Trust (NYSE:PRT) Trading 2.9% Higher – Here’s What Happened

PermRock Royalty Trust (NYSE:PRT) shares were up 2.9% on Friday . The company traded as high as $2.71 and last traded at $2.6860. Approximately 34,928 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 88,722 shares. The stock had previously closed at $2.61.

PermRock Royalty Trust Stock Performance

The firm has a market cap of $32.69 million, a PE ratio of 6.40 and a beta of 0.74. The stock’s 50 day simple moving average is $3.61 and its 200 day simple moving average is $3.85.

PermRock Royalty Trust (NYSE:PRT) last posted its quarterly earnings data on Thursday, November 13th. The company reported $0.09 earnings per share for the quarter. PermRock Royalty Trust had a net margin of 85.31% and a return on equity of 7.24%. The firm had revenue of $1.26 million for the quarter.

PermRock Royalty Trust Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.0164 per share. The ex-dividend date is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 7.3%. PermRock Royalty Trust’s dividend payout ratio (DPR) is presently 47.62%.

Hedge Funds Weigh In On PermRock Royalty Trust

An institutional investor recently bought a new position in PermRock Royalty Trust stock. Howard Financial Services LTD. acquired a new stake in shares of PermRock Royalty Trust (NYSE:PRT) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 28,741 shares of the company’s stock, valued at approximately $119,000. Howard Financial Services LTD. owned about 0.24% of PermRock Royalty Trust at the end of the most recent quarter. 41.67% of the stock is currently owned by institutional investors and hedge funds.

PermRock Royalty Trust Company Profile

PermRock Royalty Trust is an unincorporated statutory trust established in 2018 by PDC Energy under Delaware law to hold non-operated royalty interests in oil and natural gas properties. The trust’s assets derive from a portfolio of mineral and royalty interests originally contributed by PDC Energy, primarily focused on the Delaware Basin of West Texas. As a royalty trust, PermRock does not engage in drilling or field operations but instead receives royalty income from production generated by third-party operators.

The core business activity of PermRock revolves around collecting and distributing net profits interest and mineral royalty payments from producing wells.