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

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

Permian Basin Royalty Trust Trading Up 0.5 %

Shares of PBT stock opened at $13.20 on Thursday. The stock has a 50-day moving average price of $11.90 and a 200 day moving average price of $11.66. Permian Basin Royalty Trust has a 12 month low of $10.14 and a 12 month high of $17.99.

Permian Basin Royalty Trust Cuts Dividend

The company also recently disclosed 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 yield of 1.97%. Permian Basin Royalty Trust’s payout ratio is 46.15%.

Institutional Trading of Permian Basin Royalty Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Access Investment Management LLC acquired a new position in shares of Permian Basin Royalty Trust during the 3rd quarter worth about $97,000. International Assets Investment Management LLC grew its position in shares of Permian Basin Royalty Trust by 1,089.0% during the 3rd quarter. International Assets Investment Management LLC now owns 8,323 shares of the oil and gas producer’s stock worth $99,000 after buying an additional 7,623 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Permian Basin Royalty Trust during the 3rd quarter worth about $110,000. Avondale Wealth Management acquired a new position in shares of Permian Basin Royalty Trust during the 3rd quarter worth about $113,000. Finally, Flow Traders U.S. LLC acquired a new position in shares of Permian Basin Royalty Trust during the 3rd quarter worth about $167,000. 28.86% of the stock is currently owned by institutional investors and hedge funds.

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.