Short Interest in PermRock Royalty Trust (NYSE:PRT) Grows By 57.1%

PermRock Royalty Trust (NYSE:PRT) was the target of a significant growth in short interest in the month of May. As of May 29th, there was short interest totaling 111,144 shares, a growth of 57.1% from the May 14th total of 70,738 shares. Based on an average daily volume of 97,272 shares, the short-interest ratio is currently 1.1 days. Currently, 0.9% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised PermRock Royalty Trust to a “hold” rating in a research note on Saturday, March 21st.

PermRock Royalty Trust Stock Down 2.1%

NYSE:PRT traded down $0.05 on Tuesday, hitting $2.06. The stock had a trading volume of 32,319 shares, compared to its average volume of 63,794. The business’s fifty day moving average is $2.58 and its 200 day moving average is $3.10. The company has a market cap of $25.01 million, a PE ratio of 6.85 and a beta of 0.43. PermRock Royalty Trust has a 52 week low of $1.82 and a 52 week high of $4.28.

PermRock Royalty Trust (NYSE:PRT) last posted its earnings results on Thursday, May 14th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.06). PermRock Royalty Trust had a net margin of 80.38% and a return on equity of 7.59%. The company had revenue of $0.66 million during the quarter, compared to the consensus estimate of $4.93 million.

PermRock Royalty Trust Increases Dividend

The business also recently announced a monthly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a $0.0027 dividend. This is a boost from PermRock Royalty Trust’s previous monthly dividend of $0.00. This represents a c) dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, May 29th. PermRock Royalty Trust’s dividend payout ratio is 10.00%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Ameriflex Group Inc. bought a new position in shares of PermRock Royalty Trust in the third quarter valued at approximately $40,000. Cetera Investment Advisers bought a new position in shares of PermRock Royalty Trust in the first quarter valued at approximately $51,000. Finally, Jane Street Group LLC bought a new position in shares of PermRock Royalty Trust in the fourth quarter valued at approximately $53,000. Institutional investors own 41.67% of the company’s stock.

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.