Permian Basin Royalty Trust (NYSE:PBT) Shares Gap Up – Should You Buy?

Shares of Permian Basin Royalty Trust (NYSE:PBT) gapped up prior to trading on Friday . The stock had previously closed at $18.82, but opened at $19.65. Permian Basin Royalty Trust shares last traded at $19.4760, with a volume of 8,788 shares.

Permian Basin Royalty Trust Stock Performance

The firm has a market cap of $900.13 million, a P/E ratio of 56.78 and a beta of 0.46. The firm’s fifty day simple moving average is $18.03 and its 200 day simple moving average is $17.78.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.0142 per share. This represents a c) annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Friday, February 27th. Permian Basin Royalty Trust’s dividend payout ratio is currently 141.18%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. SoftVest Advisors LLC increased its position in shares of Permian Basin Royalty Trust by 40.1% in the 2nd quarter. SoftVest Advisors LLC now owns 6,206,624 shares of the oil and gas producer’s stock valued at $77,335,000 after acquiring an additional 1,776,929 shares during the period. Horizon Kinetics Asset Management LLC raised its stake in shares of Permian Basin Royalty Trust by 41.3% during the 2nd quarter. Horizon Kinetics Asset Management LLC now owns 5,839,825 shares of the oil and gas producer’s stock worth $72,764,000 after buying an additional 1,705,498 shares during the period. Advisory Services Network LLC lifted its holdings in Permian Basin Royalty Trust by 327.9% during the second quarter. Advisory Services Network LLC now owns 246,391 shares of the oil and gas producer’s stock valued at $3,299,000 after purchasing an additional 188,807 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Permian Basin Royalty Trust by 2,233.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 104,298 shares of the oil and gas producer’s stock worth $1,300,000 after purchasing an additional 99,829 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in Permian Basin Royalty Trust by 4,701.1% in the second quarter. Bessemer Group Inc. now owns 96,021 shares of the oil and gas producer’s stock worth $1,196,000 after acquiring an additional 94,021 shares during the last quarter. Institutional investors and hedge funds own 28.86% of the company’s stock.

About Permian Basin Royalty Trust

Permian Basin Royalty Trust (NYSE: PBT) is a passive investment vehicle that holds overriding royalty interests in oil and gas properties located in the Permian Basin region of West Texas. Established in 1980 by Apache Oil Company, the Trust does not engage in exploration or production activities. Instead, it owns net profit interests on specified acreage, allowing unitholders to participate directly in the cash flows generated by hydrocarbon extraction without bearing the costs or risks associated with day-to-day field operations.

The Trust’s interests cover acreage predominantly in Reeves and Loving Counties, where mature wells have been developed over several decades.