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

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

Permian Basin Royalty Trust Trading Up 0.9 %

Shares of NYSE PBT traded up $0.11 during mid-day trading on Thursday, reaching $12.90. 101,673 shares of the company’s stock were exchanged, compared to its average volume of 126,699. The firm has a 50-day moving average price of $11.57 and a two-hundred 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 announced a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a $0.03 dividend. This represents a $0.36 annualized dividend and a yield of 2.79%. The ex-dividend date is Thursday, October 31st. Permian Basin Royalty Trust’s dividend payout ratio is presently 46.15%.

Institutional Trading of Permian Basin Royalty Trust

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