Permian Basin Royalty Trust (NYSE:PBT) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Permian Basin Royalty Trust (NYSE:PBT) from a hold rating to a buy rating in a research note issued to investors on Thursday.

Permian Basin Royalty Trust Stock Performance

NYSE:PBT traded up $0.11 during trading hours on Thursday, hitting $12.90. The company had a trading volume of 101,673 shares, compared to its average volume of 126,699. The stock has a 50-day moving average price of $11.57 and a 200 day moving average price of $11.59. Permian Basin Royalty Trust has a 52 week low of $10.14 and a 52 week high of $19.74.

Permian Basin Royalty Trust Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.36 annualized dividend and a yield of 2.79%. Permian Basin Royalty Trust’s payout ratio is 46.15%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Flow Traders U.S. LLC bought a new stake in shares of Permian Basin Royalty Trust during the 3rd quarter valued at $167,000. Independent Advisor Alliance bought a new stake in Permian Basin Royalty Trust during the third quarter worth about $837,000. Moors & Cabot Inc. grew its holdings in Permian Basin Royalty Trust by 16.3% in the third quarter. Moors & Cabot Inc. now owns 535,151 shares of the oil and gas producer’s stock worth $6,363,000 after purchasing an additional 75,064 shares during the period. EagleClaw Capital Managment LLC increased its stake in shares of Permian Basin Royalty Trust by 2.3% during the third quarter. EagleClaw Capital Managment LLC now owns 41,375 shares of the oil and gas producer’s stock valued at $492,000 after purchasing an additional 925 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in shares of Permian Basin Royalty Trust during the third quarter valued at approximately $110,000. 28.86% of the stock is owned by hedge funds and other institutional investors.

About Permian Basin Royalty Trust

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.