Permian Basin Royalty Trust (NYSE:PBT) Shares Down 7.1% – Here’s Why

Shares of Permian Basin Royalty Trust (NYSE:PBT) dropped 7.1% during trading on Monday . The stock traded as low as $12.82 and last traded at $12.88. Approximately 265,095 shares traded hands during trading, an increase of 105% from the average daily volume of 129,449 shares. The stock had previously closed at $13.86.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Permian Basin Royalty Trust from a “hold” rating to a “buy” rating in a research note on Thursday, November 14th.

Permian Basin Royalty Trust Stock Down 7.3 %

The company has a 50-day moving average price of $11.82 and a 200-day moving average price of $11.64. The company has a market capitalization of $598.71 million, a price-to-earnings ratio of 16.55 and a beta of 0.59.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.0217 dividend. This represents a $0.26 annualized dividend and a yield of 2.03%. The ex-dividend date is Friday, November 29th. Permian Basin Royalty Trust’s dividend payout ratio is currently 33.33%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Several hedge funds have recently modified their holdings of the business. Virtu Financial LLC acquired a new position in Permian Basin Royalty Trust during the 1st quarter valued at $306,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Permian Basin Royalty Trust by 5.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,918 shares of the oil and gas producer’s stock valued at $247,000 after buying an additional 1,150 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Permian Basin Royalty Trust in the second quarter valued at about $1,303,000. Schwartz Investment Counsel Inc. grew its position in Permian Basin Royalty Trust by 16.1% during the second quarter. Schwartz Investment Counsel Inc. now owns 1,140,169 shares of the oil and gas producer’s stock worth $12,793,000 after buying an additional 158,500 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its stake in Permian Basin Royalty Trust by 3.8% during the second quarter. Commonwealth Equity Services LLC now owns 75,375 shares of the oil and gas producer’s stock valued at $849,000 after acquiring an additional 2,761 shares during the period. 28.86% of the stock is owned by institutional investors.

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.