PermRock Royalty Trust (PRT) Upgraded to Sell by ValuEngine

ValuEngine upgraded shares of PermRock Royalty Trust (NYSE:PRT) from a strong sell rating to a sell rating in a research note released on Thursday morning.

Separately, Stifel Nicolaus raised shares of PermRock Royalty Trust from a hold rating to a buy rating and set a $15.00 target price for the company in a research note on Monday, October 1st. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $18.00.

Shares of NYSE PRT traded down $0.32 during mid-day trading on Thursday, reaching $9.85. 184,800 shares of the company’s stock were exchanged, compared to its average volume of 210,762. PermRock Royalty Trust has a 52-week low of $5.45 and a 52-week high of $16.69.

PermRock Royalty Trust (NYSE:PRT) last announced its earnings results on Wednesday, November 14th. The company reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.20). The business had revenue of $9.55 million for the quarter, compared to the consensus estimate of $9.35 million.

The company also recently declared a monthly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be given a dividend of $0.115 per share. This is a positive change from PermRock Royalty Trust’s previous monthly dividend of $0.07. This represents a $1.38 annualized dividend and a dividend yield of 14.01%. The ex-dividend date is Friday, December 28th.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Monashee Investment Management LLC purchased a new position in PermRock Royalty Trust during the 3rd quarter valued at about $1,334,000. Millennium Management LLC purchased a new position in PermRock Royalty Trust during the 2nd quarter valued at about $1,558,000. BB&T Securities LLC purchased a new position in PermRock Royalty Trust during the 2nd quarter valued at about $413,000. Salem Investment Counselors Inc. purchased a new position in shares of PermRock Royalty Trust in the third quarter valued at approximately $230,000. Finally, BlackRock Inc. purchased a new position in shares of PermRock Royalty Trust in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 59.09% of the company’s stock.

PermRock Royalty Trust Company Profile

PermRock Royalty Trust owns 80% net profits interest in the oil and natural gas production properties acquired by Boaz Energy II, LLC in the Permian Basin, Texas. The company was founded in 2017 and is based in Fort Worth, Texas.

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