Permian Basin Royalty Trust (NYSE:PBT) Cut to Hold at StockNews.com

StockNews.com cut shares of Permian Basin Royalty Trust (NYSE:PBT) from a buy rating to a hold rating in a report published on Thursday.

Permian Basin Royalty Trust Stock Performance

Shares of PBT opened at $11.06 on Thursday. The stock has a fifty day moving average price of $11.32 and a two-hundred day moving average price of $11.62. Permian Basin Royalty Trust has a 52-week low of $10.14 and a 52-week high of $14.58. The company has a market cap of $515.50 million, a price-to-earnings ratio of 14.18 and a beta of 0.70.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.0171 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.21 annualized dividend and a yield of 1.86%. Permian Basin Royalty Trust’s payout ratio is 25.64%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several institutional investors have recently bought and sold shares of PBT. Schwartz Investment Counsel Inc. raised its position in Permian Basin Royalty Trust by 23.0% in the 3rd quarter. Schwartz Investment Counsel Inc. now owns 1,402,402 shares of the oil and gas producer’s stock valued at $16,647,000 after purchasing an additional 262,233 shares during the last quarter. Horizon Kinetics Asset Management LLC raised its position in Permian Basin Royalty Trust by 7.1% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 3,946,083 shares of the oil and gas producer’s stock valued at $43,723,000 after purchasing an additional 261,819 shares during the last quarter. Wells Fargo & Company MN raised its position in Permian Basin Royalty Trust by 211.0% in the 4th quarter. Wells Fargo & Company MN now owns 233,493 shares of the oil and gas producer’s stock valued at $2,587,000 after purchasing an additional 158,403 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Permian Basin Royalty Trust during the fourth quarter worth $1,327,000. Finally, Commonwealth Equity Services LLC raised its position in shares of Permian Basin Royalty Trust by 87.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 220,527 shares of the oil and gas producer’s stock worth $2,443,000 after acquiring an additional 102,568 shares during the last quarter. Institutional investors own 28.86% of the company’s stock.

Permian Basin Royalty Trust Company Profile

Permian Basin Royalty Trust, an express trust, holds royalty interests in various oil and gas properties in the United States. The company holds a 75% net overriding royalty interest in the Waddell Ranch properties, including Dune, Sand Hills (Judkins), Sand Hills (McKnight), Sand Hills (Tubb), University-Waddell (Devonian) and Waddell fields in Crane County, Texas.