Permian Basin Royalty Trust (NYSE:PBT) Sees Strong Trading Volume – Still a Buy?

Permian Basin Royalty Trust (NYSE:PBT) saw strong trading volume on Thursday . 150,356 shares changed hands during trading, an increase of 11% from the previous session’s volume of 135,931 shares.The stock last traded at $11.94 and had previously closed at $11.08.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Permian Basin Royalty Trust from a “hold” rating to a “buy” rating in a report on Wednesday, December 18th.

Permian Basin Royalty Trust Stock Up 6.5 %

The firm’s 50 day simple moving average is $12.05 and its two-hundred day simple moving average is $11.58. The stock has a market cap of $550.00 million, a P/E ratio of 15.13 and a beta of 0.66.

Permian Basin Royalty Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.0219 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Permian Basin Royalty Trust’s previous monthly dividend of $0.02. This represents a $0.26 annualized dividend and a dividend yield of 2.23%. Permian Basin Royalty Trust’s dividend payout ratio is 33.33%.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Several hedge funds and other institutional investors have recently modified their holdings of the company. Atlas Wealth Partners LLC bought a new stake in shares of Permian Basin Royalty Trust during the third quarter valued at approximately $758,000. Moors & Cabot Inc. boosted its stake in shares of Permian Basin Royalty Trust by 16.3% during the 3rd quarter. Moors & Cabot Inc. now owns 535,151 shares of the oil and gas producer’s stock worth $6,363,000 after acquiring an additional 75,064 shares in the last quarter. Ironwood Financial llc acquired a new position in shares of Permian Basin Royalty Trust in the 3rd quarter valued at $220,000. Schwartz Investment Counsel Inc. lifted its stake in Permian Basin Royalty Trust by 23.0% during the third 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 buying an additional 262,233 shares in the last quarter. Finally, Mad River Investors increased its position in shares of Permian Basin Royalty Trust by 4.6% in the third quarter. Mad River Investors now owns 276,382 shares of the oil and gas producer’s stock worth $3,286,000 after acquiring an additional 12,209 shares in the last quarter. Institutional investors and hedge funds 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.