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

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

Permian Basin Royalty Trust Stock Performance

NYSE:PBT opened at $11.61 on Thursday. The stock’s 50-day simple moving average is $11.37 and its 200 day simple moving average is $11.61. The company has a market cap of $540.96 million, a P/E ratio of 14.88 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.

Institutional Trading of Permian Basin Royalty Trust

Hedge funds and other institutional investors have recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new stake in shares of Permian Basin Royalty Trust in the fourth quarter valued at about $27,000. JPMorgan Chase & Co. increased its position in Permian Basin Royalty Trust by 88.9% during the fourth quarter. JPMorgan Chase & Co. now owns 4,782 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 2,250 shares during the last quarter. Access Investment Management LLC acquired a new position in Permian Basin Royalty Trust during the third quarter worth approximately $97,000. International Assets Investment Management LLC increased its position in Permian Basin Royalty Trust by 1,089.0% during the third 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 last quarter. Finally, Prospera Private Wealth LLC acquired a new position in Permian Basin Royalty Trust during the third quarter worth approximately $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.