PermRock Royalty Trust (NYSE:PRT) Receives New Coverage from Analysts at Stifel Nicolaus

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Stifel Nicolaus began coverage on shares of PermRock Royalty Trust (NYSE:PRT) in a report released on Tuesday, May 29th, reports. The brokerage issued a buy rating and a $17.00 price target on the stock.

Separately, Jefferies Financial Group started coverage on PermRock Royalty Trust in a research note on Tuesday, May 29th. They set a buy rating and a $19.00 price target on the stock.

Shares of PermRock Royalty Trust traded up $0.01, reaching $16.10, during midday trading on Tuesday, reports. The company’s stock had a trading volume of 32,100 shares, compared to its average volume of 140,447. PermRock Royalty Trust has a fifty-two week low of $14.78 and a fifty-two week high of $16.69.

The company also recently declared a monthly dividend, which will be paid on Thursday, June 14th. Investors of record on Thursday, May 31st will be paid a dividend of $0.166 per share. This represents a $1.99 dividend on an annualized basis and a yield of 12.37%. The ex-dividend date is Wednesday, May 30th.

In related news, major shareholder Boaz Energy Ii, Llc sold 6,250,000 shares of the company’s stock in a transaction that occurred on Friday, May 4th. The stock was sold at an average price of $17.00, for a total transaction of $106,250,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

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.

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