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

Permian Basin Royalty Trust (NYSE:PBT) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Permian Basin Royalty Trust Stock Down 2.4 %

Shares of Permian Basin Royalty Trust stock opened at $11.06 on Thursday. The firm has a market cap of $515.51 million, a price-to-earnings ratio of 14.18 and a beta of 0.70. Permian Basin Royalty Trust has a 52-week low of $10.14 and a 52-week high of $14.58. The company’s 50-day simple moving average is $11.32 and its 200-day simple moving average is $11.61.

Hedge Funds Weigh In On Permian Basin Royalty Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised 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 purchasing an additional 7,623 shares during the last quarter. Schwartz Investment Counsel Inc. raised its holdings in shares of Permian Basin Royalty Trust by 23.0% in the third 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 last quarter. Access Investment Management LLC acquired a new position in shares of Permian Basin Royalty Trust in the third quarter worth $97,000. Apollon Wealth Management LLC purchased a new stake in shares of Permian Basin Royalty Trust in the third quarter valued at $180,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Permian Basin Royalty Trust during the third quarter valued at $110,000. 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.