Permian Basin Royalty Trust (NYSE:PBT) Shares Sold by Essex Financial Services Inc.

Essex Financial Services Inc. lessened its holdings in shares of Permian Basin Royalty Trust (NYSE:PBT) by 4.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 62,565 shares of the oil and gas producer’s stock after selling 3,134 shares during the quarter. Essex Financial Services Inc. owned about 0.13% of Permian Basin Royalty Trust worth $709,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its position in shares of Permian Basin Royalty Trust by 5.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,918 shares of the oil and gas producer’s stock worth $247,000 after purchasing an additional 1,150 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Permian Basin Royalty Trust by 3.8% during the second quarter. Commonwealth Equity Services LLC now owns 75,375 shares of the oil and gas producer’s stock worth $849,000 after buying an additional 2,761 shares during the period. Beacon Pointe Advisors LLC increased its stake in shares of Permian Basin Royalty Trust by 2.8% during the fourth quarter. Beacon Pointe Advisors LLC now owns 147,246 shares of the oil and gas producer’s stock worth $2,061,000 after buying an additional 4,023 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Permian Basin Royalty Trust by 18.5% during the fourth quarter. Russell Investments Group Ltd. now owns 28,802 shares of the oil and gas producer’s stock worth $402,000 after buying an additional 4,498 shares during the period. Finally, Foundation Resource Management Inc. increased its stake in shares of Permian Basin Royalty Trust by 0.8% during the first quarter. Foundation Resource Management Inc. now owns 682,634 shares of the oil and gas producer’s stock worth $8,260,000 after buying an additional 5,671 shares during the period. Institutional investors and hedge funds own 28.86% of the company’s stock.

Permian Basin Royalty Trust Stock Performance

PBT stock opened at $11.15 on Monday. The company’s 50 day moving average price is $11.20 and its 200 day moving average price is $12.00. Permian Basin Royalty Trust has a fifty-two week low of $10.14 and a fifty-two week high of $22.50.

Permian Basin Royalty Trust Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $0.052 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 5.60%. Permian Basin Royalty Trust’s payout ratio is 135.48%.

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.