RTTNews | Jan 24, 2022 11:24AM EST

11:08 Monday, January 24, 2022 (RTTNews.com) - Oil and gas midstream company, Permian Basin Royalty Trust (PBT), is trading 8% lower on the market despite announcing an improved dividend primarily because the yield is 1.9%, which is lower than the market standards.

The company announced on Monday that it will be increasing its dividend to $0.32 from a previously announced $0.25. Earlier in January, the stock recorded its 52-week high and despite the drop the stock has bettered 240% in the same time period.

The stock is currently trading at $11.60, down $1.34 or 10.32% since the previous close at $12.93. The stock opened at $11.55 in the morning. In the 52-week period , the stock has ranged between $3.30 and $14.69 per share.

Read the original article on RTTNews ( https://www.rttnews.com/3256772/permian-basin-stock-drop-13-despite-dividend-increase.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com All Rights Reserved