PermRock Royalty Trust (NYSE:PRT) was downgraded by stock analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $10.00 price target on the stock, down from their prior price target of $12.00. Stifel Nicolaus’ price target would indicate a potential upside of 15.87% from the company’s current price.
Separately, ValuEngine lowered shares of PermRock Royalty Trust from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.75.
Shares of PRT stock opened at $8.63 on Wednesday. PermRock Royalty Trust has a 52-week low of $5.45 and a 52-week high of $16.69.
Several institutional investors and hedge funds have recently made changes to their positions in PRT. Wells Fargo & Company MN grew its holdings in shares of PermRock Royalty Trust by 264.2% during the third quarter. Wells Fargo & Company MN now owns 15,910 shares of the company’s stock valued at $195,000 after buying an additional 11,541 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of PermRock Royalty Trust during the second quarter valued at $201,000. Salem Investment Counselors Inc. purchased a new stake in shares of PermRock Royalty Trust during the third quarter valued at $230,000. BB&T Securities LLC purchased a new stake in shares of PermRock Royalty Trust during the second quarter valued at $413,000. Finally, Monashee Investment Management LLC purchased a new stake in shares of PermRock Royalty Trust during the third quarter valued at $1,334,000. 59.09% of the stock is currently owned by hedge funds and other institutional investors.
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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