StockNews.com Upgrades Permian Basin Royalty Trust (NYSE:PBT) to “Buy”

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

Permian Basin Royalty Trust Stock Up 0.5 %

PBT stock opened at $12.86 on Thursday. The stock’s 50 day simple moving average is $11.61 and its 200 day simple moving average is $11.59. Permian Basin Royalty Trust has a 12-month low of $10.14 and a 12-month high of $19.74.

Permian Basin Royalty Trust Cuts Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.03 dividend. The ex-dividend date was Thursday, October 31st. This represents a $0.36 annualized dividend and a yield of 2.80%. Permian Basin Royalty Trust’s payout ratio is 46.15%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

A number of hedge funds have recently bought and sold shares of the business. Access Investment Management LLC purchased a new stake in Permian Basin Royalty Trust during the 3rd quarter valued at $97,000. International Assets Investment Management LLC increased its position in Permian Basin Royalty Trust by 1,089.0% during the third quarter. International Assets Investment Management LLC now owns 8,323 shares of the oil and gas producer’s stock valued at $99,000 after acquiring an additional 7,623 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Permian Basin Royalty Trust in the third quarter valued at about $110,000. Avondale Wealth Management purchased a new position in Permian Basin Royalty Trust in the third quarter worth about $113,000. Finally, Flow Traders U.S. LLC bought a new stake in shares of Permian Basin Royalty Trust during the 3rd quarter valued at about $167,000. Hedge funds and other institutional investors own 28.86% of the company’s stock.

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.