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 research note released on Wednesday morning.

Permian Basin Royalty Trust Trading Down 7.1 %

Shares of Permian Basin Royalty Trust stock opened at $11.19 on Wednesday. Permian Basin Royalty Trust has a fifty-two week low of $10.14 and a fifty-two week high of $15.79. The stock has a 50 day moving average of $12.22 and a 200 day moving average of $11.65.

Permian Basin Royalty Trust Cuts Dividend

The company also recently announced a monthly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.0217 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date was Friday, November 29th. Permian Basin Royalty Trust’s payout ratio is 33.33%.

Institutional Investors Weigh In On Permian Basin Royalty Trust

Several institutional investors and hedge funds have recently modified their holdings of PBT. Flow Traders U.S. LLC purchased a new stake in Permian Basin Royalty Trust during the third quarter worth about $167,000. Independent Advisor Alliance acquired a new position in shares of Permian Basin Royalty Trust in the third quarter worth $837,000. Moors & Cabot Inc. raised its stake in shares of 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 valued at $6,363,000 after acquiring an additional 75,064 shares in the last quarter. EagleClaw Capital Managment LLC grew its stake 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 worth $492,000 after purchasing an additional 925 shares in the last quarter. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Permian Basin Royalty Trust during the third quarter worth approximately $110,000. 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.