Permian Basin Royalty Trust shares reached a record $35.50 on Thursday, extending a sharp rally driven by rising oil and gas prices that boosted royalty revenues.
The trust, which trades under the ticker PBT, is now just 0.96% below its 52-week high, according to market data. Its market capitalization stands at $1.63 billion, reflecting a 124.55% gain over the past 12 months.
Year-to-date performance has totaled 101%, with a six-month return of 76%, underscoring a sustained upward trend. The trust has maintained dividend payments for 46 consecutive years, reinforcing its appeal to income-focused investors amid volatile energy markets.
Analysts at InvestingPro note the stock appears overvalued relative to its fair-value estimate, though the surge has been attributed to strong investor confidence, favorable market conditions, and higher oil and gas royalty income. The rally coincides with broader strength in energy commodities, which have benefited from tight supply and robust demand.
The shares' record close comes as U.S. oil production remains near multi-year highs, supporting royalty payments tied to Permian Basin output.
