PermRock Royalty Trust (PRT) Receives $15.15 Average Target Price from Analysts

Shares of PermRock Royalty Trust (NYSE:PRT) have been assigned a consensus recommendation of “Buy” from the six analysts that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $15.15.

A number of research analysts have recently weighed in on the company. ValuEngine raised PermRock Royalty Trust from a “strong sell” rating to a “sell” rating in a report on Thursday, January 10th. Zacks Investment Research raised PermRock Royalty Trust from a “strong sell” rating to a “buy” rating and set a $8.75 price objective on the stock in a report on Tuesday, March 12th. Finally, Stifel Nicolaus lowered PermRock Royalty Trust from a “buy” rating to a “hold” rating and cut their price objective for the company from $12.00 to $10.00 in a report on Wednesday, January 16th.

Shares of PRT stock opened at $7.86 on Tuesday. PermRock Royalty Trust has a fifty-two week low of $5.45 and a fifty-two week high of $16.69.

The company also recently disclosed a monthly dividend, which was paid on Thursday, March 14th. Stockholders of record on Thursday, February 28th were issued a $0.041 dividend. This represents a $0.49 dividend on an annualized basis and a dividend yield of 6.26%. The ex-dividend date of this dividend was Wednesday, February 27th.

Hedge funds have recently made changes to their positions in the company. BB&T Securities LLC acquired a new position in shares of PermRock Royalty Trust in the fourth quarter valued at about $98,000. Wells Fargo & Company MN grew its holdings in PermRock Royalty Trust by 264.2% during the third quarter. Wells Fargo & Company MN now owns 15,910 shares of the company’s stock worth $195,000 after acquiring an additional 11,541 shares during the period. BlackRock Inc. acquired a new stake in PermRock Royalty Trust during the second quarter worth about $201,000. Salem Investment Counselors Inc. acquired a new stake in PermRock Royalty Trust during the third quarter worth about $230,000. Finally, Stifel Financial Corp grew its holdings in PermRock Royalty Trust by 95.7% during the fourth quarter. Stifel Financial Corp now owns 51,675 shares of the company’s stock worth $304,000 after acquiring an additional 25,275 shares during the period. 55.84% of the stock is currently owned by institutional investors and hedge funds.

About PermRock Royalty Trust

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.

See Also: Risk Tolerance

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