Schwartz Investment Counsel Inc. has significantly reduced its holdings in the Permian Basin Royalty Trust (NYSE: PBT) by 32.1% during the third quarter of 2023. According to data from Holdings Channel, the investment firm sold 465,037 shares, decreasing its total stake to 984,672 shares. By the end of the reporting period, the value of Schwartz’s holdings amounted to approximately $17.98 million.
This strategic shift comes amid similar moves by various hedge funds and institutional investors. For instance, Geneos Wealth Management Inc. acquired a new position in the Permian Basin Royalty Trust valued at around $27,000 during the same quarter. Additionally, NewEdge Advisors LLC increased its stake by 53.1% in the second quarter, bringing its total to 3,762 shares, valued at $47,000. Other notable investments include Access Investment Management LLC, which purchased shares worth approximately $64,000, and Atlantic Union Bankshares Corp, which invested about $81,000. Overall, hedge funds and institutional investors now own 28.86% of the stock.
### Permian Basin Royalty Trust Performance
On Monday, shares of the Permian Basin Royalty Trust opened at $18.62. The company boasts a market capitalization of $867.65 million, a price-to-earnings ratio of 54.75, and a beta of 0.45. Over the past year, the stock has experienced fluctuations, with a low of $8.01 and a high of $20.46. The Trust has a 50-day moving average of $17.93 and a 200-day moving average of $16.88.
In an update reflecting its financial health, the company recently announced a monthly dividend of $0.0132, which was paid to shareholders on January 15, 2024. Shareholders of record as of December 31, 2023, received this dividend, resulting in an annualized yield of 0.9%. The Trust’s current dividend payout ratio stands at 47.06%.
### Analysts’ Perspectives
Investment analysts have weighed in on the stock’s performance. Notably, Weiss Ratings reaffirmed a “hold (C-)” rating for the Permian Basin Royalty Trust in a research note dated October 8, 2023. According to data from MarketBeat, the consensus rating for the Trust remains at “Hold,” with one analyst providing a similar assessment.
The Permian Basin Royalty Trust serves as a passive investment vehicle, holding overriding royalty interests in oil and gas properties located in the Permian Basin region of West Texas. Established in 1980 by Apache Oil Company, the Trust does not engage in exploration or production activities. Instead, it allows unitholders to benefit from cash flows generated by hydrocarbon extraction without incurring the costs and risks of field operations.
For those interested in further developments, Holdings Channel offers updated information on hedge fund holdings and insider trades related to the Permian Basin Royalty Trust (NYSE: PBT).
