PermRock Royalty Trust (NYSE:PRT) Stock Falls 1.1% – Here’s Why

PermRock Royalty Trust (NYSE:PRT) shares fell 1.1% on Friday. The stock traded as low as $1.75 and last traded at $1.77. Approximately 32,806 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 32,165 shares. The stock had previously closed at $1.79.

PermRock Royalty Trust Price Performance

The business’s 50-day moving average price is $2.10 and its two-hundred day moving average price is $2.38. The company has a market capitalization of $21.54 million, a P/E ratio of 7.70 and a beta of 0.45.

PermRock Royalty Trust (NYSE:PRT) last announced its quarterly earnings results on Friday, August 14th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.06). PermRock Royalty Trust had a net margin of 77.46% and a return on equity of 7.72%. The firm had revenue of $0.71 million during the quarter, compared to analyst estimates of $4.93 million.

PermRock Royalty Trust Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a $0.0196 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This is a negative change from PermRock Royalty Trust’s previous monthly dividend of $0.0218. This represents a $0.24 dividend on an annualized basis and a yield of 13.3%. PermRock Royalty Trust’s payout ratio is presently 104.35%.

Institutional Investors Weigh In On PermRock Royalty Trust

An institutional investor recently bought a new position in PermRock Royalty Trust stock. Cetera Investment Advisers acquired a new stake in shares of PermRock Royalty Trust (NYSE:PRT) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 15,353 shares of the company’s stock, valued at approximately $51,000. Cetera Investment Advisers owned approximately 0.13% of PermRock Royalty Trust at the end of the most recent reporting period. Institutional investors and hedge funds own 41.67% of the company’s stock.

PermRock Royalty Trust Company Profile

PermRock Royalty Trust (NYSE:PRT) is a grantor trust that owns a net profits interest in oil and natural gas properties located in the Permian Basin of West Texas. The trust was established in 2017 in connection with the public offering of its trust units.

PermRock’s assets consist primarily of mature, producing conventional oil and natural gas properties. The properties are operated on behalf of the trust by Boaz Energy, LLC and its affiliates, which are responsible for development and production activities.