Permian Basin Royalty Trust (NYSE:PBT) Downgraded by StockNews.com to “Hold”

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

Permian Basin Royalty Trust Price Performance

Shares of NYSE PBT opened at $12.81 on Tuesday. Permian Basin Royalty Trust has a 52-week low of $10.14 and a 52-week high of $15.92. The business has a 50-day moving average price of $12.15 and a 200 day moving average price of $11.65.

Permian Basin Royalty Trust Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.0217 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 2.03%. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is presently 33.33%.

Institutional Trading of Permian Basin Royalty Trust

A number of hedge funds have recently added to or reduced their stakes in PBT. Schwartz Investment Counsel Inc. lifted its position in Permian Basin Royalty Trust by 23.0% during the 3rd quarter. Schwartz Investment Counsel Inc. now owns 1,402,402 shares of the oil and gas producer’s stock worth $16,647,000 after acquiring an additional 262,233 shares during the period. OFI Invest Asset Management acquired a new stake in Permian Basin Royalty Trust during the 2nd quarter worth approximately $1,303,000. BWM Planning LLC acquired a new stake in Permian Basin Royalty Trust during the 3rd quarter worth approximately $1,233,000. Moors & Cabot Inc. lifted its position in Permian Basin Royalty Trust by 23.3% during the 2nd quarter. Moors & Cabot Inc. now owns 460,087 shares of the oil and gas producer’s stock worth $5,181,000 after acquiring an additional 87,080 shares during the period. Finally, Independent Advisor Alliance acquired a new stake in Permian Basin Royalty Trust during the 3rd quarter worth approximately $837,000. 28.86% of the stock is owned by institutional investors and hedge funds.

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.