Latest revenue
—
as of —
Latest net income
—
as of —
Net margin
—
as of —
Price · 5Y
Live market
delayed ≤15 min- Market cap
- —
- Enterprise value
- —
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 1.1%
- 52-wk high
- $32.25
- 52-wk low
- $10.80
- Beta
- —
- Shares out
- —
5-year trend
What this company does
Permian Basin Royalty Trust holds net overriding royalty interests on oil and gas properties in West Texas, primarily the Waddell Ranch in Crane County and various Texas Royalty properties. It earns income by collecting a share of net proceeds from crude oil and natural gas production on those underlying properties, then passes that cash through to unitholders as monthly distributions after trustee expenses. Since Blackbeard Operating took over the Waddell Ranch in 2020, distributions now run one month in arrears, and the trust remains entirely passive with no employees and no ability to acquire new assets.
Generated from PBT's filing dated 2026-03-27
Key risks
- Operator concentration: Blackbeard Operating (Waddell Ranch) and BROG/ConocoPhillips (Texas Royalties) control all production decisions, marketing, and cost reporting affecting distributions.
- Production-cost overruns reduce or zero out distributions: if costs exceed gross proceeds, shortfalls plus interest are recovered from future Trust payments.
- Distribution timing lag: since May 2024, Blackbeard proceeds are reported and distributed one month in arrears, delaying unitholder cash flow visibility.
Generated from PBT's filing dated 2026-03-27
Earnings tracker
Not enough quarterly history for PBT yet to draw an earnings tracker.
Industry trend
Oil Royalty Traders · SIC 6792
Your notes
Keep private notes on PBT — thesis, target price, catalysts to watch.
Visible only to you. Never shared. Never used to train AI.
Insider activity
Insider buying
$1.4M
Insider selling
$489
Net activity
+$1.4M
Distinct insiders
1
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns PBT
Institutional value
$134.4M
Total shares held
6.3M
Distinct holders
67
-36 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | MAD RIVER INVESTORS | 1.0M | $21.6M | +16.3K (+1.7%) | Added |
| 2 | SCHWARTZ INVESTMENT COUNSEL INC | 933.7K | $20.1M | -33.5K (-3.5%) | Trimmed |
| 3 | FOUNDATION RESOURCE MANAGEMENT INC | 630.2K | $13.6M | -12.3K (-1.9%) | Trimmed |
| 4 | Moors & Cabot, Inc. | 588.6K | $12.7M | +2.9K (+0.5%) | Added |
| 5 | SEI INVESTMENTS CO | 422.0K | $9.1M | +226.6K (+116.0%) | Added |
| 6 | Hosking Partners LLP | 280.3K | $6.0M | -66.4K (-19.2%) | Trimmed |
| 7 | COMMONWEALTH EQUITY SERVICES, LLC | 269.0K | $5.8M | +9.7K (+3.7%) | Added |
| 8 | MSRH, LLC | 240.3K | $5.2M | +1.3K (+0.5%) | Added |
| 9 | WELLS FARGO & COMPANY/MN | 230.7K | $5.0M | -9.8K (-4.1%) | Trimmed |
| 10 | LPL Financial LLC | 211.2K | $4.5M | -18.7K (-8.1%) | Trimmed |
| 11 | SteelPeak Wealth, LLC | 191.1K | $4.1M | — | New |
| 12 | JPMORGAN CHASE & CO | 126.6K | $2.8M | +25.5K (+25.3%) | Added |
| 13 | Lido Advisors, LLC | 122.0K | $2.6M | -486 (-0.4%) | Trimmed |
| 14 | BWM Planning, LLC | 104.4K | $2.2M | +0 (+0.0%) | No change |
| 15 | Atlas Wealth Partners, LLC | 81.1K | $1.7M | -2.8K (-3.4%) | Trimmed |
| 16 | HighTower Advisors, LLC | 71.6K | $1.5M | -109 (-0.2%) | Trimmed |
| 17 | PROMETHIUM ADVISORS,LLC | 68.3K | $1.5M | -20 (-0.0%) | Trimmed |
| 18 | Pathstone Holdings, LLC | 62.9K | $1.4M | +0 (+0.0%) | No change |
| 19 | Essex Financial Services, Inc. | 57.5K | $1.2M | -1.7K (-2.9%) | Trimmed |
| 20 | MOR Wealth Management, LLC | 52.5K | $1.1M | +0 (+0.0%) | No change |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
With Blackbeard now operating Waddell Ranch since 2020, what specific capex and lifting cost trends are driving net proceeds variability versus prior ConocoPhillips-era benchmarks?
- 2
Has Waddell Ranch experienced any months where production costs exceeded gross proceeds, and what is the current cumulative excess cost carryforward owed before Trust distributions resume?
- 3
Why did the May 2024 shift to one-month-arrears distribution reporting occur, and does it signal payment timing or audit issues with Blackbeard?
Refreshed when PBT files a new report · last from 2026-03-27