SandRidge Permian Trust (NYSE:PER) Shares Down 8.5%

SandRidge Permian Trust (NYSE:PER) dropped 8.5% during trading on Wednesday . The stock traded as low as $0.83 and last traded at $0.86, approximately 636,400 shares changed hands during trading. An increase of 239% from the average daily volume of 187,462 shares. The stock had previously closed at $0.94.

Separately, ValuEngine upgraded SandRidge Permian Trust from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd.

The firm’s 50-day moving average is $1.34 and its 200-day moving average is $1.64. The firm has a market cap of $47.10 million, a price-to-earnings ratio of 2.68 and a beta of 1.14.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 25th. Shareholders of record on Friday, November 8th were issued a dividend of $0.073 per share. The ex-dividend date was Thursday, November 7th. This represents a $0.29 annualized dividend and a yield of 32.81%.

An institutional investor recently raised its position in SandRidge Permian Trust stock. Russell Investments Group Ltd. lifted its position in SandRidge Permian Trust (NYSE:PER) by 1,672.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,695 shares of the oil and gas producer’s stock after acquiring an additional 188,427 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.38% of SandRidge Permian Trust worth $363,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 1.22% of the company’s stock.

About SandRidge Permian Trust (NYSE:PER)

SandRidge Permian Trust holds royalty interests in specified oil and natural gas properties in the Permian Basin located in Andrews County, Texas. It has proved developed reserves of approximately 0.3 million barrels of oil equivalent. The company was founded in 2011 and is based in Houston, Texas.

Further Reading: Market Timing

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