Cross Timbers Royalty Trust (CRT)
Market Price (9/11/2026): $11.35 | Market Cap: $68.1 MilSector: Energy | Industry: Oil & Gas Exploration & Production
Cross Timbers Royalty Trust (CRT)
Market Price (9/11/2026): $11.35Market Cap: $68.1 MilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 73% Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Traditional Energy Sources. Themes include Domestic Oil & Gas Production. | Trading close to highsDist 52W High is -0.3% Weak multi-year price returns3Y Excs Rtn is -100% | Expensive valuation multiplesP/SPrice/Sales ratio is 16x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -35%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -32%, Rev Chg QQuarterly Revenue Change % is -16% Key risksCRT key risks include [1] a long-term annual production decline of 6-8% from its naturally depleting reserves, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 73% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Traditional Energy Sources. Themes include Domestic Oil & Gas Production. |
| Trading close to highsDist 52W High is -0.3% |
| Weak multi-year price returns3Y Excs Rtn is -100% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 16x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -35%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -32%, Rev Chg QQuarterly Revenue Change % is -16% |
| Key risksCRT key risks include [1] a long-term annual production decline of 6-8% from its naturally depleting reserves, Show more. |
Qualitative Assessment
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Cross Timbers Royalty Trust (CRT) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Surging Oil Prices.
Cross Timbers Royalty Trust's income is directly tied to commodity prices, and oil prices experienced a significant upward trend during fiscal Q3 2026 (July-September). Brent crude oil futures climbed sharply to $98.35 per barrel on September 8, 2026, from $83.77 at the start of August 2026. This followed a turbulent fiscal Q2 2026 where Middle East conflict drove WTI crude to a 46-month peak of $112.84 on April 7, 2026, and Brent to $114.47. The U.S. Energy Information Administration (EIA) projected the Brent crude spot price to average around $85 per barrel in fiscal Q3 2026.
2. Robust Performance of the Energy Sector.
The broader energy sector demonstrated strong performance, creating a favorable market environment for royalty trusts. The S&P 500 Energy (Sector) recorded a 3-month price return of 13.67% as of August 31, 2026, and a year-to-date return of 41.38%. This sector led the S&P 500 year-to-date in May 2026, with a 33% gain compared to the S&P 500's 9% increase.
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Cross Timbers Royalty Trust (CRT) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Surging Oil Prices.
Cross Timbers Royalty Trust's income is directly tied to commodity prices, and oil prices experienced a significant upward trend during fiscal Q3 2026 (July-September). Brent crude oil futures climbed sharply to $98.35 per barrel on September 8, 2026, from $83.77 at the start of August 2026. This followed a turbulent fiscal Q2 2026 where Middle East conflict drove WTI crude to a 46-month peak of $112.84 on April 7, 2026, and Brent to $114.47. The U.S. Energy Information Administration (EIA) projected the Brent crude spot price to average around $85 per barrel in fiscal Q3 2026.
2. Robust Performance of the Energy Sector.
The broader energy sector demonstrated strong performance, creating a favorable market environment for royalty trusts. The S&P 500 Energy (Sector) recorded a 3-month price return of 13.67% as of August 31, 2026, and a year-to-date return of 41.38%. This sector led the S&P 500 year-to-date in May 2026, with a 33% gain compared to the S&P 500's 9% increase.
3. Increased Monthly Cash Distributions.
Cross Timbers Royalty Trust announced multiple increases in its monthly cash distributions, indicating improved distributable income from its underlying assets. On July 22, 2026, the Trust increased its dividend rate by over 5%, from $0.53 to $0.56 per share. A further increase occurred on August 25, 2026, when the dividend rate was again raised by more than 5%, from $0.56 to $0.62 per share. These increases signal positive underlying performance and enhance unitholder returns.
4. Favorable Underlying Asset Performance and Cost Recovery.
The Trust's underlying oil and gas properties showed positive trends in sales volumes and prices, alongside the recovery of certain excess costs. For the distribution announced on April 20, 2026 (reflecting prior month's sales affecting the May distribution), underlying oil sales volumes increased to 17,000 barrels from 10,000 barrels, and the average oil price rose to $58.93 per barrel from $56.83 per barrel. Additionally, in the August 21, 2026 distribution announcement, $246,000 of excess costs were recovered on properties underlying the Oklahoma Working Interest net profits interests, positively impacting distributable income.
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Stock Movement Drivers
Fundamental Drivers
The 9.0% change in CRT stock from 5/31/2026 to 9/10/2026 was primarily driven by a 10.1% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.35 | 11.28 | 9.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 4 | -4.6% |
| Net Income Margin (%) | 72.0% | 74.7% | 3.8% |
| P/E Multiple | 19.3 | 21.3 | 10.1% |
| Shares Outstanding (Mil) | 6 | 6 | 0.0% |
| Cumulative Contribution | 9.0% |
Market Drivers
5/31/2026 to 9/10/2026| Return | Correlation | |
|---|---|---|
| CRT | 9.0% | |
| Market (SPY) | 0.2% | -25.4% |
| Sector (XLE) | 15.3% | 34.8% |
Fundamental Drivers
The 28.6% change in CRT stock from 2/28/2026 to 9/10/2026 was primarily driven by a 79.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.77 | 11.28 | 28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 4 | -23.7% |
| Net Income Margin (%) | 79.8% | 74.7% | -6.4% |
| P/E Multiple | 11.8 | 21.3 | 79.9% |
| Shares Outstanding (Mil) | 6 | 6 | 0.0% |
| Cumulative Contribution | 28.6% |
Market Drivers
2/28/2026 to 9/10/2026| Return | Correlation | |
|---|---|---|
| CRT | 28.6% | |
| Market (SPY) | 10.8% | -21.5% |
| Sector (XLE) | 16.9% | 24.2% |
Fundamental Drivers
The 37.4% change in CRT stock from 8/31/2025 to 9/10/2026 was primarily driven by a 138.3% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.21 | 11.28 | 37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 4 | -34.6% |
| Net Income Margin (%) | 84.8% | 74.7% | -11.8% |
| P/E Multiple | 8.9 | 21.3 | 138.3% |
| Shares Outstanding (Mil) | 6 | 6 | 0.0% |
| Cumulative Contribution | 37.4% |
Market Drivers
8/31/2025 to 9/10/2026| Return | Correlation | |
|---|---|---|
| CRT | 37.4% | |
| Market (SPY) | 18.5% | -11.7% |
| Sector (XLE) | 47.1% | 22.2% |
Fundamental Drivers
The -32.5% change in CRT stock from 8/31/2023 to 9/10/2026 was primarily driven by a -69.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.71 | 11.28 | -32.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14 | 4 | -69.3% |
| Net Income Margin (%) | 95.2% | 74.7% | -21.5% |
| P/E Multiple | 7.6 | 21.3 | 179.8% |
| Shares Outstanding (Mil) | 6 | 6 | 0.0% |
| Cumulative Contribution | -32.5% |
Market Drivers
8/31/2023 to 9/10/2026| Return | Correlation | |
|---|---|---|
| CRT | -32.5% | |
| Market (SPY) | 74.2% | 12.6% |
| Sector (XLE) | 59.6% | 28.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRT Return | 53% | 146% | -24% | -39% | -13% | 48% | 122% |
| Peers Return | 91% | 65% | 8% | -3% | -4% | 47% | 367% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| CRT Win Rate | 50% | 75% | 58% | 42% | 42% | 78% | |
| Peers Win Rate | 70% | 58% | 57% | 48% | 62% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CRT Max Drawdown | -34% | -32% | -55% | -49% | -45% | -22% | |
| Peers Max Drawdown | -26% | -31% | -20% | -25% | -26% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COP, CNQ, EOG, OXY, FANG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/10/2026 (YTD)
How Low Can It Go
| Event | CRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.3% | -18.8% |
| % Gain to Breakeven | 15.3% | 23.1% |
| Time to Breakeven | 298 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.3% | -33.7% |
| % Gain to Breakeven | 93.4% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.4% | -19.2% |
| % Gain to Breakeven | 37.7% | 23.8% |
| Time to Breakeven | 907 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.7% | -3.7% |
| % Gain to Breakeven | 26.1% | 3.9% |
| Time to Breakeven | 1554 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -12.6% | -12.2% |
| % Gain to Breakeven | 14.4% | 13.9% |
| Time to Breakeven | 40 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -59.3% | -6.8% |
| % Gain to Breakeven | 145.9% | 7.3% |
| Time to Breakeven | 2273 days | 15 days |
In The Past
Cross Timbers Royalty Trust's stock fell -13.3% during the 2025 US Tariff Shock. Such a loss loss requires a 15.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | CRT | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -48.3% | -33.7% |
| % Gain to Breakeven | 93.4% | 50.9% |
| Time to Breakeven | 232 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.4% | -19.2% |
| % Gain to Breakeven | 37.7% | 23.8% |
| Time to Breakeven | 907 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -20.7% | -3.7% |
| % Gain to Breakeven | 26.1% | 3.9% |
| Time to Breakeven | 1554 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -59.3% | -6.8% |
| % Gain to Breakeven | 145.9% | 7.3% |
| Time to Breakeven | 2273 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.6% | -53.4% |
| % Gain to Breakeven | 160.4% | 114.4% |
| Time to Breakeven | 263 days | 1085 days |
In The Past
Cross Timbers Royalty Trust's stock fell -13.3% during the 2025 US Tariff Shock. Such a loss loss requires a 15.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cross Timbers Royalty Trust (CRT)
Cross Timbers Royalty Trust (CRT) operates as an express trust focused on holding and managing various interests in oil and natural gas properties across Texas, Oklahoma, and New Mexico. Instead of directly engaging in the exploration, drilling, or production of energy resources, the Trust holds significant royalty and working interests in established producing and nonproducing assets. This structure allows CRT to receive a share of the net profits generated from the crude oil and natural gas extracted by other operating companies on these properties.
The core "product" offered by Cross Timbers Royalty Trust is the distribution of these net profits to its unit holders. The Trust's revenue and subsequent distributions are directly dependent on the volumes of oil and natural gas produced from its underlying properties, as well as the prevailing market prices for these commodities. Essentially, investing in CRT provides a passive income stream derived from existing energy assets, allowing investors to gain exposure to the oil and gas sector without the direct operational risks typically associated with energy production.
The primary market for Cross Timbers Royalty Trust consists of public equity investors seeking income-generating assets tied to the energy sector and commodity prices. Its unit holders typically include individuals and institutional investors who are looking for regular cash distributions that reflect the profitability of the Trust's diversified royalty and working interests in these oil and gas wells.
AI Analysis | Feedback
Here are 1-3 brief analogies for Cross Timbers Royalty Trust (CRT):
A REIT for oil and gas royalties.
Like Royal Gold or Franco-Nevada, but for oil and gas wells instead of mines.
Like a landlord for oil and gas wells, collecting a percentage of profits instead of rent.
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- Crude Oil Royalties: Income generated from the trust's net profits and working interests tied to crude oil production from its underlying properties.
- Natural Gas Royalties: Income generated from the trust's net profits and working interests tied to natural gas production from its underlying properties.
AI Analysis | Feedback
Cross Timbers Royalty Trust (CRT) operates as a passive trust that holds royalty and net profits interests in oil and gas properties. Its business model is to receive income generated from these interests (paid by the operators of the underlying properties) and distribute it to its unitholders. As such, the Trust does not directly engage in the production or sale of oil, gas, or related services, nor does it provide services to external clients in a traditional business sense.
Therefore, Cross Timbers Royalty Trust does not have "major customers" in the conventional sense of companies or individuals purchasing goods or services from it. However, if "customers" is interpreted as the primary beneficiaries or stakeholders that the Trust serves through its distributions, then its focus is on its investors (unitholders). Based on this interpretation, the Trust primarily serves:
- Individual Investors: Retail investors who purchase units of CRT on public exchanges for the purpose of receiving regular distributions from the Trust's income.
- Institutional Investors: Large organizations such as investment funds (mutual funds, hedge funds, pension funds, endowments), and other financial institutions that hold significant blocks of CRT units as part of their investment portfolios.
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Argent Trust Company serves as the independent Trustee for the Cross Timbers Royalty Trust. In this fiduciary role, it is responsible for the entire governance and administration of the Trust, including calculating and distributing the monthly cash payouts to unitholders. The Trustee's core purpose, derived from the Trust Indenture, involves collecting net profits income from the underlying oil and gas properties, managing necessary administrative expenses, and timely distributing the remaining net proceeds to the unitholders.
Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, TrusteeNancy Willis is the Director of Royalty Trust Services at Argent Trust Company, which acts as the Trustee for Cross Timbers Royalty Trust. She serves as a contact for the Trust.
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The key risks to Cross Timbers Royalty Trust (CRT) primarily stem from its nature as an oil and gas royalty trust and its operational characteristics:
- Volatility of Oil and Natural Gas Prices: The income and distributable cash flow of Cross Timbers Royalty Trust are highly dependent on the prices of oil and natural gas. Significant fluctuations or a sustained decline in commodity prices can directly and materially reduce the trust's revenue and, consequently, its distributions to unitholders. Falling commodity prices have previously weighed on the trust's income, and its future results are inherently tied to these volatile prices.
- Decline in Production and Reserves of Underlying Properties: As a royalty trust, CRT's long-term viability and income are contingent upon the continued production and the quantity of recoverable reserves from the oil and gas properties in which it holds interests. A natural decline in production volumes from these properties, or a downward revision of estimated reserves, would lead to reduced revenue for the trust. This risk is amplified by the fact that the trust's income can be impacted by a decrease in its oil and gas volumes.
- Micro-Cap Status and Low Trading Volume: Cross Timbers Royalty Trust is categorized as a micro-cap company with a relatively small market capitalization. This status can lead to increased stock price volatility and lower trading liquidity compared to larger companies. Low trading volume can make it challenging to buy or sell large blocks of shares without significantly impacting the stock price, posing a liquidity risk for investors.
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The accelerated global transition to renewable energy sources and electric vehicles, which could lead to a sustained decrease in demand and prices for oil and natural gas, directly threatening the profitability and value of Cross Timbers Royalty Trust's underlying fossil fuel assets.
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For Cross Timbers Royalty Trust (CRT), a company operating as an express trust holding net profits interests in oil and gas properties, future revenue growth over the next 2-3 years will primarily be driven by external market factors given its passive operational model and static asset base.
The key expected drivers of future revenue growth include:
- Increases in Crude Oil Prices: As a royalty trust with significant net profits interests in producing oil properties, the revenue of Cross Timbers Royalty Trust is highly sensitive to fluctuations in the market price of crude oil. An increase in crude oil prices would directly lead to higher revenue for the trust.
- Increases in Natural Gas Prices: Similarly, given the trust's holdings in natural gas properties, an upward trend in natural gas prices would positively impact its overall revenue.
- Stabilization or Enhancement of Production Volumes from Underlying Properties: While Cross Timbers Royalty Trust cannot add new properties, any successful efforts by the operators of its existing oil and gas properties to stabilize natural decline rates or improve production efficiencies could contribute to maintaining or growing the trust's revenue base. However, recent trends have shown declines in oil and gas volumes.
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Share Repurchases
- Cross Timbers Royalty Trust has reported a 0.00% share buyback ratio as of February 28, 2026, indicating no share repurchases.
- The number of shares outstanding for Cross Timbers Royalty Trust has remained consistently at 6,000,000 units from 2020 through 2025.
Share Issuance
- The number of shares outstanding for Cross Timbers Royalty Trust has remained consistently at 6,000,000 units from 2020 through 2025, indicating no share issuances.
Capital Expenditures
- Cross Timbers Royalty Trust has reported zero capital expenditures for the years 2020 through 2025.
- Capital and operating expenses related to the underlying oil and gas properties are deducted by the operators (XTO Energy Inc., an ExxonMobil affiliate) before net profits are distributed to the Trust.
Peer Outperformance in Oil & Gas Exploration & Production
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 117.4% | 109.9% | 444.0% | PBF 806% · MPC 671% · VLO 610% |
| Integrated Oil & Gas | 7 | 43.9% | 59.7% | 264.7% | IMO 451% · SU 367% · CVE 352% |
| Oil & Gas Storage & Transportation | 18 | 37.6% | 123.3% | 221.5% | INSW 886% · LPG 839% · TRGP 646% |
| Oil & Gas Equipment & Services | 34 | 53.3% | 25.8% | 130.0% | FTI 1073% · SEI 954% · TDW 725% |
| Oil & Gas Exploration & Production ← | 50 | 31.5% | 13.3% | 126.5% | KGEI 9794% · OBE 7716% · EP 2312% |
| Oil & Gas Drilling | 7 | 62.7% | 3.1% | 93.6% | VAL 173% · PDS 168% · HP 102% |
| Coal & Consumable Fuels | 14 | 15.4% | 58.5% | 86.9% | EU 1053% · LEU 396% · CCJ 304% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Cross Timbers Royalty Trust Earnings Notes | 12/16/2025 | |
| Can Cross Timbers Royalty Trust Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 99.10 |
| Mkt Cap | 69.3 |
| Rev LTM | 24,154 |
| Op Inc LTM | 7,738 |
| FCF LTM | 6,614 |
| FCF 3Y Avg | 5,399 |
| CFO LTM | 13,358 |
| CFO 3Y Avg | 11,877 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.4% |
| Rev Chg 3Y Avg | 0.7% |
| Rev Chg Q | 52.4% |
| QoQ Delta Rev Chg LTM | 12.9% |
| Op Inc Chg LTM | 16.0% |
| Op Inc Chg 3Y Avg | -3.2% |
| Op Mgn LTM | 31.3% |
| Op Mgn 3Y Avg | 30.0% |
| QoQ Delta Op Mgn LTM | 4.3% |
| CFO/Rev LTM | 50.1% |
| CFO/Rev 3Y Avg | 48.5% |
| FCF/Rev LTM | 21.7% |
| FCF/Rev 3Y Avg | 20.7% |
Price Behavior
| Market Price | $11.28 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/28/1992 | |
| Distance from 52W High | -0.3% | |
| 50 Days | 200 Days | |
| DMA Price | $10.00 | $9.37 |
| DMA Trend | up | up |
| Distance from DMA | 12.8% | 20.4% |
| 3M | 1YR | |
| Volatility | 33.1% | 32.7% |
| Downside Capture | -64.65 | -29.26 |
| Upside Capture | -25.45 | 23.48 |
| Correlation (SPY) | -29.5% | -11.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.36 | -0.81 | -0.59 | -0.48 | -0.29 | 0.30 |
| Up Beta | -0.73 | -0.53 | -1.49 | -1.09 | -0.85 | 0.28 |
| Down Beta | -0.33 | -2.80 | -0.52 | -0.85 | -0.43 | 0.45 |
| Up Capture | 9% | 24% | -22% | 8% | 8% | 2% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 31 | 61 | 120 | 344 |
| Down Capture | -64% | -139% | -37% | -44% | -29% | 60% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 20 | 30 | 60 | 119 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRT | |
|---|---|---|---|---|
| CRT | 46.9% | 32.7% | 1.20 | - |
| Sector ETF (XLE) | 52.1% | 21.6% | 1.84 | 22.2% |
| Equity (SPY) | 17.6% | 12.8% | 0.99 | -11.5% |
| Gold (GLD) | 18.7% | 29.2% | 0.59 | 3.0% |
| Commodities (DBC) | 47.9% | 20.4% | 1.81 | 23.2% |
| Real Estate (VNQ) | 6.6% | 13.6% | 0.22 | 3.5% |
| Bitcoin (BTCUSD) | -29.9% | 43.8% | -0.68 | -3.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRT | |
|---|---|---|---|---|
| CRT | 6.3% | 49.9% | 0.30 | - |
| Sector ETF (XLE) | 26.6% | 25.7% | 0.90 | 42.1% |
| Equity (SPY) | 12.4% | 17.2% | 0.55 | 16.8% |
| Gold (GLD) | 18.5% | 18.8% | 0.80 | 6.6% |
| Commodities (DBC) | 11.5% | 19.5% | 0.46 | 30.9% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 15.4% |
| Bitcoin (BTCUSD) | 9.9% | 52.6% | 0.37 | 5.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRT | |
|---|---|---|---|---|
| CRT | 3.6% | 46.0% | 0.25 | - |
| Sector ETF (XLE) | 10.8% | 29.6% | 0.40 | 47.0% |
| Equity (SPY) | 15.1% | 17.9% | 0.71 | 27.4% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 5.1% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 32.0% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.19 | 27.1% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 7.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/21/2026 | 3.0% | 0.1% | |
| 6/18/2026 | -4.3% | 1.1% | 9.0% |
| 4/20/2026 | 0.8% | 1.3% | 1.8% |
| 2/17/2026 | 1.4% | 5.0% | 16.2% |
| 12/19/2025 | -1.1% | -0.2% | 8.0% |
| 10/21/2025 | 1.7% | 6.2% | 26.8% |
| 8/19/2025 | -0.1% | 0.5% | -10.2% |
| 6/20/2025 | -1.0% | 0.4% | -2.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 21 | 25 | 24 |
| # Negative | 15 | 11 | 11 |
| Median Positive | 2.6% | 5.2% | 8.7% |
| Median Negative | -1.4% | -4.1% | -6.1% |
| Max Positive | 8.4% | 18.5% | 30.6% |
| Max Negative | -4.5% | -14.4% | -24.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/21/2026 | 3.0% | 0.1% | |
| 6/18/2026 | -4.3% | 1.1% | 9.0% |
| 4/20/2026 | 0.8% | 1.3% | 1.8% |
| 2/17/2026 | 1.4% | 5.0% | 16.2% |
| 12/19/2025 | -1.1% | -0.2% | 8.0% |
| 10/21/2025 | 1.7% | 6.2% | 26.8% |
| 8/19/2025 | -0.1% | 0.5% | -10.2% |
| 6/20/2025 | -1.0% | 0.4% | -2.2% |
| 3/21/2025 | 0.6% | 5.3% | -12.2% |
| 1/21/2025 | 0.0% | 5.9% | 6.3% |
| 11/18/2024 | -1.1% | 6.2% | -5.9% |
| 9/20/2024 | 5.3% | 11.6% | 22.5% |
| 7/19/2024 | 3.9% | 2.3% | 7.3% |
| 5/20/2024 | -0.8% | -3.0% | -24.1% |
| 3/18/2024 | -3.9% | -9.7% | -15.0% |
| 1/19/2024 | 5.3% | 8.7% | 3.3% |
| 11/17/2023 | 0.5% | 3.9% | -4.6% |
| 9/19/2023 | -3.1% | -5.4% | -9.2% |
| 7/21/2023 | 1.8% | -2.4% | -3.1% |
| 5/19/2023 | 4.8% | 5.0% | 5.8% |
| 3/21/2023 | -1.5% | 16.3% | 30.6% |
| 1/20/2023 | 4.8% | 5.2% | -3.9% |
| 11/18/2022 | -1.2% | 5.9% | 12.1% |
| 9/20/2022 | 2.7% | -14.4% | 13.1% |
| 7/19/2022 | 1.9% | 4.6% | 11.1% |
| 5/20/2022 | 2.6% | 7.1% | 10.5% |
| 3/21/2022 | -1.5% | -4.8% | 8.5% |
| 1/21/2022 | -4.5% | 0.6% | 4.7% |
| 11/19/2021 | 5.3% | 8.8% | 1.3% |
| 9/20/2021 | 4.7% | 10.3% | 17.6% |
| 7/20/2021 | 8.4% | 18.5% | 13.0% |
| 5/18/2021 | 0.4% | -3.5% | 1.2% |
| 3/19/2021 | -1.4% | -5.1% | 1.3% |
| 1/19/2021 | -1.2% | -1.5% | 9.0% |
| 11/19/2020 | 1.1% | 5.1% | 5.3% |
| 9/18/2020 | -2.0% | -4.1% | -6.1% |
| SUMMARY STATS | |||
| # Positive | 21 | 25 | 24 |
| # Negative | 15 | 11 | 11 |
| Median Positive | 2.6% | 5.2% | 8.7% |
| Median Negative | -1.4% | -4.1% | -6.1% |
| Max Positive | 8.4% | 18.5% | 30.6% |
| Max Negative | -4.5% | -14.4% | -24.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 04/13/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 9/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oliver, Eric L | SoftVest, LP | Buy | 9102026 | 11.29 | 7,134 | 80,543 | 11,171,602 | Form | |
| 2 | Oliver, Eric L | SoftVest, LP | Buy | 9102026 | 10.94 | 6,142 | 67,193 | 10,747,226 | Form | |
| 3 | Oliver, Eric L | SoftVest, LP | Buy | 9082026 | 10.90 | 5,473 | 59,656 | 10,640,983 | Form | |
| 4 | Oliver, Eric L | SoftVest, LP | Buy | 9082026 | 10.67 | 790 | 8,429 | 10,358,052 | Form | |
| 5 | Oliver, Eric L | SoftVest, LP | Buy | 9032026 | 10.63 | 2,289 | 24,332 | 10,310,824 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oliver, Eric L | SoftVest, LP | Buy | 9102026 | 11.29 | 7,134 | 80,543 | 11,171,602 | Form | |
| 2 | Oliver, Eric L | SoftVest, LP | Buy | 9102026 | 10.94 | 6,142 | 67,193 | 10,747,226 | Form | |
| 3 | Oliver, Eric L | SoftVest, LP | Buy | 9082026 | 10.90 | 5,473 | 59,656 | 10,640,983 | Form | |
| 4 | Oliver, Eric L | SoftVest, LP | Buy | 9082026 | 10.67 | 790 | 8,429 | 10,358,052 | Form | |
| 5 | Oliver, Eric L | SoftVest, LP | Buy | 9032026 | 10.63 | 2,289 | 24,332 | 10,310,824 | Form | |
| 6 | Oliver, Eric L | SoftVest, LP | Buy | 9032026 | 10.51 | 3,947 | 41,483 | 10,170,369 | Form | |
| 7 | Oliver, Eric L | SoftVest, LP | Buy | 8172026 | 10.44 | 9,609 | 100,318 | 10,061,425 | Form | |
| 8 | Oliver, Eric L | SoftVest, LP | Buy | 8172026 | 10.12 | 3,087 | 31,240 | 9,655,785 | Form | |
| 9 | Oliver, Eric L | SoftVest, LP | Buy | 8132026 | 10.08 | 12,950 | 130,536 | 9,586,503 | Form | |
| 10 | Oliver, Eric L | SoftVest, LP | Buy | 8132026 | 9.95 | 13,132 | 130,663 | 9,334,015 | Form | |
| 11 | Oliver, Eric L | SoftVest, LP | Buy | 6262026 | 8.88 | 3,727 | 33,096 | 8,213,645 | Form | |
| 12 | Oliver, Eric L | SoftVest, LP | Buy | 6262026 | 8.66 | 4,047 | 35,047 | 7,977,878 | Form | |
| 13 | Oliver, Eric L | SoftVest, LP | Buy | 6242026 | 8.68 | 34,596 | 300,293 | 7,961,174 | Form | |
| 14 | Oliver, Eric L | SoftVest, LP | Buy | 6242026 | 8.65 | 20,968 | 181,373 | 7,634,404 | Form | |
| 15 | Oliver, Eric L | SoftVest, LP | Buy | 6042026 | 10.52 | 5,748 | 60,469 | 9,064,263 | Form | |
| 16 | Oliver, Eric L | SoftVest, LP | Buy | 6022026 | 10.43 | 4,642 | 48,416 | 8,926,766 | Form | |
| 17 | Oliver, Eric L | SoftVest, LP | Buy | 6022026 | 10.37 | 9,297 | 96,410 | 8,827,276 | Form | |
| 18 | Oliver, Eric L | SoftVest, LP | Buy | 5282026 | 10.88 | 23,386 | 254,440 | 9,160,253 | Form | |
| 19 | Oliver, Eric L | SoftVest, LP | Buy | 5222026 | 10.87 | 18,902 | 205,465 | 8,897,628 | Form | |
| 20 | Oliver, Eric L | SoftVest, LP | Buy | 5132026 | 10.61 | 8,542 | 90,631 | 8,484,255 | Form | |
| 21 | Oliver, Eric L | SoftVest, LP | Buy | 4212026 | 10.38 | 4,032 | 41,852 | 8,211,670 | Form | |
| 22 | Oliver, Eric L | SoftVest, LP | Buy | 4212026 | 10.44 | 28,861 | 301,309 | 8,217,042 | Form | |
| 23 | Oliver, Eric L | SoftVest, LP | Buy | 4162026 | 10.48 | 3,747 | 39,269 | 7,946,062 | Form | |
| 24 | Oliver, Eric L | SoftVest, LP | Buy | 4162026 | 10.42 | 21,678 | 225,885 | 7,861,525 | Form | |
| 25 | Oliver, Eric L | SoftVest, LP | Buy | 4142026 | 10.42 | 6,844 | 71,314 | 7,635,641 | Form | |
| 26 | Oliver, Eric L | SoftVest, LP | Buy | 4092026 | 10.40 | 10,033 | 104,343 | 7,549,807 | Form | |
| 27 | Oliver, Eric L | SoftVest, LP | Buy | 4092026 | 10.49 | 4,585 | 48,097 | 7,509,896 | Form | |
| 28 | Oliver, Eric L | SoftVest, LP | Buy | 4072026 | 10.50 | 182 | 1,911 | 7,468,912 | Form | |
| 29 | Oliver, Eric L | SoftVest, LP | Buy | 4072026 | 10.60 | 399 | 4,229 | 7,538,116 | Form | |
| 30 | Oliver, Eric L | SoftVest, LP | Buy | 4022026 | 10.50 | 12,851 | 134,936 | 7,462,812 | Form | |
| 31 | Oliver, Eric L | SoftVest, LP | Buy | 4022026 | 10.50 | 42 | 441 | 7,327,876 | Form | |
| 32 | Oliver, Eric L | SoftVest, LP | Buy | 3312026 | 10.24 | 68,467 | 701,102 | 7,145,994 | Form | |
| 33 | Oliver, Eric L | SoftVest, LP | Buy | 3272026 | 9.91 | 3,159 | 31,306 | 6,237,195 | Form | |
| 34 | Oliver, Eric L | SoftVest, LP | Buy | 3272026 | 9.69 | 26,134 | 253,238 | 6,068,120 | Form |
Investor Activity (13F)
Updated Sep 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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