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

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

Permian Basin Royalty Trust Price Performance

PBT stock opened at $13.52 on Thursday. Permian Basin Royalty Trust has a twelve month low of $10.14 and a twelve month high of $17.39. The business’s fifty day moving average is $11.98 and its 200-day moving average is $11.67.

Permian Basin Royalty Trust Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.0217 per share. This represents a $0.26 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Friday, November 29th. Permian Basin Royalty Trust’s dividend payout ratio (DPR) is currently 46.15%.

Institutional Trading of Permian Basin Royalty Trust

A number of institutional investors and hedge funds have recently modified their holdings of PBT. Schwartz Investment Counsel Inc. grew its holdings 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 purchasing an additional 262,233 shares during the period. OFI Invest Asset Management acquired a new position in shares of Permian Basin Royalty Trust in the 2nd quarter valued at $1,303,000. BWM Planning LLC bought a new stake in shares of Permian Basin Royalty Trust in the 3rd quarter valued at $1,233,000. Moors & Cabot Inc. raised its stake 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 buying an additional 87,080 shares during the period. Finally, Independent Advisor Alliance bought a new position in Permian Basin Royalty Trust during the third quarter worth about $837,000. 28.86% of the stock is owned by institutional investors.

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.