Permian Basin Royalty Trust (PBT)
Market Price (6/18/2026): $24.65 | Market Cap: $1.1 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Permian Basin Royalty Trust (PBT)
Market Price (6/18/2026): $24.65Market Cap: $1.1 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation
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 89% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. | Weak multi-year price returns3Y Excs Rtn is -53% | Expensive valuation multiplesP/SPrice/Sales ratio is 71x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 80x, P/EPrice/Earnings or Price/(Net Income) is 80x Stock price has recently run up significantly12M Rtn12 month market price return is 115% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -32% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2% Key risksPBT key risks include [1] ongoing litigation with its Waddell Ranch operator, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 89% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Weak multi-year price returns3Y Excs Rtn is -53% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 71x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 80x, P/EPrice/Earnings or Price/(Net Income) is 80x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 115% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -32% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2% |
| Key risksPBT key risks include [1] ongoing litigation with its Waddell Ranch operator, Show more. |
Qualitative Assessment
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Permian Basin Royalty Trust (PBT) stock has gained about 30% since 2/28/2026 because of the following key factors:
1. Rising crude oil prices significantly boosted the Trust's revenue prospects, driven by macroeconomic factors. The Brent crude oil spot price experienced a sharp increase, rising from an average of $71 per barrel in February 2026 to $117 per barrel in April 2026, before settling at $107 per barrel in May 2026. This surge was primarily due to supply concerns related to the de facto closure of the Strait of Hormuz. As a royalty trust, Permian Basin Royalty Trust's income is directly tied to commodity prices, making this a major catalyst for its stock appreciation during the period.
2. Strong financial performance in fiscal Q1 2026, with an earnings beat, contributed to positive investor sentiment. Permian Basin Royalty Trust reported its fiscal Q1 2026 earnings on May 14, 2026, with an Earnings Per Share (EPS) of $0.06, surpassing analyst forecasts. Quarterly revenue reached $3.57 million, marking a 16% increase from fiscal Q1 2025, and net income grew by 17% compared to the same period. These results, indicative of improved operational performance and higher commodity prices flowing through to the Trust's financials, provided a company-specific tailwind for the stock.
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Permian Basin Royalty Trust (PBT) stock has gained about 30% since 2/28/2026 because of the following key factors:
1. Rising crude oil prices significantly boosted the Trust's revenue prospects, driven by macroeconomic factors. The Brent crude oil spot price experienced a sharp increase, rising from an average of $71 per barrel in February 2026 to $117 per barrel in April 2026, before settling at $107 per barrel in May 2026. This surge was primarily due to supply concerns related to the de facto closure of the Strait of Hormuz. As a royalty trust, Permian Basin Royalty Trust's income is directly tied to commodity prices, making this a major catalyst for its stock appreciation during the period.
2. Strong financial performance in fiscal Q1 2026, with an earnings beat, contributed to positive investor sentiment. Permian Basin Royalty Trust reported its fiscal Q1 2026 earnings on May 14, 2026, with an Earnings Per Share (EPS) of $0.06, surpassing analyst forecasts. Quarterly revenue reached $3.57 million, marking a 16% increase from fiscal Q1 2025, and net income grew by 17% compared to the same period. These results, indicative of improved operational performance and higher commodity prices flowing through to the Trust's financials, provided a company-specific tailwind for the stock.
3. Resolution of the SoftVest legal petition streamlined governance and reduced uncertainty for unitholders. Around May 2026, a Texas court approved an amendment to the Permian Basin Royalty Trust's Indenture. This change replaced a previous requirement for a 75% supermajority approval for certain amendments with a simple majority of unitholders present at a quorum. The resolution of this governance issue, which had been in motion since at least February 2026, likely reduced investor uncertainty and was viewed positively as it could facilitate more straightforward decision-making for the Trust.
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Stock Movement Drivers
Fundamental Drivers
The 28.7% change in PBT stock from 2/28/2026 to 6/17/2026 was primarily driven by a 33.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.73 | 25.40 | 28.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 17 | -3.7% |
| Net Income Margin (%) | 88.5% | 88.6% | 0.1% |
| P/E Multiple | 60.2 | 80.4 | 33.6% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 28.7% |
Market Drivers
2/28/2026 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PBT | 28.7% | |
| Market (SPY) | 8.3% | -11.5% |
| Sector (XLE) | -1.6% | 61.0% |
Fundamental Drivers
The 43.2% change in PBT stock from 11/30/2025 to 6/17/2026 was primarily driven by a 48.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.73 | 25.40 | 43.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 17 | -3.7% |
| Net Income Margin (%) | 88.5% | 88.6% | 0.1% |
| P/E Multiple | 54.1 | 80.4 | 48.7% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 43.2% |
Market Drivers
11/30/2025 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PBT | 43.2% | |
| Market (SPY) | 9.0% | -5.7% |
| Sector (XLE) | 22.7% | 57.0% |
Fundamental Drivers
The 133.3% change in PBT stock from 5/31/2025 to 6/17/2026 was primarily driven by a 256.7% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.89 | 25.40 | 133.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24 | 17 | -31.1% |
| Net Income Margin (%) | 93.3% | 88.6% | -5.0% |
| P/E Multiple | 22.5 | 80.4 | 256.7% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 133.3% |
Market Drivers
5/31/2025 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PBT | 133.3% | |
| Market (SPY) | 27.2% | 0.7% |
| Sector (XLE) | 38.4% | 48.8% |
Fundamental Drivers
The 13.7% change in PBT stock from 5/31/2023 to 6/17/2026 was primarily driven by a 321.2% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6172026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.33 | 25.40 | 13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 56 | 17 | -70.1% |
| Net Income Margin (%) | 98.1% | 88.6% | -9.7% |
| P/E Multiple | 19.1 | 80.4 | 321.2% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 13.7% |
Market Drivers
5/31/2023 to 6/17/2026| Return | Correlation | |
|---|---|---|
| PBT | 13.7% | |
| Market (SPY) | 84.3% | 21.3% |
| Sector (XLE) | 57.4% | 48.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PBT Return | 218% | 166% | -43% | -17% | 57% | 57% | 890% |
| Peers Return | 63% | 119% | -18% | 47% | -17% | 22% | 333% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| PBT Win Rate | 67% | 58% | 33% | 42% | 50% | 83% | |
| Peers Win Rate | 50% | 71% | 64% | 58% | 31% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PBT Max Drawdown | -20% | -33% | -47% | -31% | -27% | -15% | |
| Peers Max Drawdown | -34% | -28% | -50% | -34% | -38% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TPL, VNOM, CRT.
[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 6/17/2026 (YTD)
How Low Can It Go
| Event | PBT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.7% | -18.8% |
| % Gain to Breakeven | 31.0% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.3% | -7.8% |
| % Gain to Breakeven | 11.5% | 8.5% |
| Time to Breakeven | 42 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.1% | -9.5% |
| % Gain to Breakeven | 54.1% | 10.5% |
| Time to Breakeven | 831 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.8% | -6.7% |
| % Gain to Breakeven | 14.7% | 7.1% |
| Time to Breakeven | 19 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.3% | -33.7% |
| % Gain to Breakeven | 52.2% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.6% | -19.2% |
| % Gain to Breakeven | 44.1% | 23.8% |
| Time to Breakeven | 60 days | 105 days |
In The Past
Permian Basin Royalty Trust's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.0% gain to breakeven.
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| Event | PBT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.7% | -18.8% |
| % Gain to Breakeven | 31.0% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -35.1% | -9.5% |
| % Gain to Breakeven | 54.1% | 10.5% |
| Time to Breakeven | 831 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.3% | -33.7% |
| % Gain to Breakeven | 52.2% | 50.9% |
| Time to Breakeven | 65 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.6% | -19.2% |
| % Gain to Breakeven | 44.1% | 23.8% |
| Time to Breakeven | 60 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -32.1% | -12.2% |
| % Gain to Breakeven | 47.2% | 13.9% |
| Time to Breakeven | 47 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -67.9% | -6.8% |
| % Gain to Breakeven | 211.2% | 7.3% |
| Time to Breakeven | 2133 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -46.3% | -53.4% |
| % Gain to Breakeven | 86.2% | 114.4% |
| Time to Breakeven | 108 days | 1085 days |
In The Past
Permian Basin Royalty Trust's stock fell -23.7% during the 2025 US Tariff Shock. Such a loss loss requires a 31.0% 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 Permian Basin Royalty Trust (PBT)
Permian Basin Royalty Trust (PBT) is an express trust that provides investors with a passive way to gain exposure to oil and gas production primarily in Texas. Unlike traditional oil and gas companies, PBT does not engage in the direct operations of drilling, production, or exploration. Instead, its core business involves holding "overriding royalty interests" in various oil and gas properties. This structure means PBT receives a specified percentage of the revenue generated from the oil and gas extracted from these properties, without incurring the associated operating and capital expenses.
The company's principal assets are two distinct royalty interest portfolios. PBT holds a 75% net overriding royalty interest in the Waddell Ranch properties, which include significant oil and gas fields such as Dune, Judkins, and Waddell, all located in Crane County, Texas. Additionally, PBT owns a 95% net overriding royalty interest in its Texas Royalty properties. This second portfolio is extensive, comprising approximately 125 separate royalty interests across 33 counties in Texas, encompassing various prominent producing oil fields like Yates, Wasson, and Sand Hills.
Permian Basin Royalty Trust's "product" is the stream of income generated from these oil and gas royalty interests. The trust collects revenue based on the production from its underlying properties and then distributes this income to its unitholders. Therefore, PBT primarily serves investors seeking regular distributions and exposure to the economic performance of oil and gas production without the direct operational risks and responsibilities typically associated with exploration and production companies.
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- A Real Estate Investment Trust (REIT) for oil and gas production.
- Simon Property Group for oil and gas fields.
- Qualcomm for oil and gas production.
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- Crude Oil: The trust generates revenue from its overriding royalty interests in crude oil produced from properties across Texas.
- Natural Gas: The trust generates revenue from its overriding royalty interests in natural gas produced from properties across Texas.
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Permian Basin Royalty Trust (PBT) operates as an express trust that holds overriding royalty interests in oil and gas properties. As such, PBT does not have direct "customers" in the traditional sense of selling a product or service. Instead, its income is derived from the overriding royalty interests it holds.
The trust receives royalty payments from the oil and gas operating companies that extract and sell the oil and gas from the Waddell Ranch and Texas Royalty properties. These operating companies are the entities that generate revenue for the trust through their production activities.
However, the provided company description does not identify the specific names of these operating companies that act as the source of PBT's royalty income.
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Steven B. Eason, CCTS
Chief Executive Officer, Argent Institutional Trust Company Steven B. Eason serves as the Chief Executive Officer of Argent Institutional Trust Company and is also the President of Corporate Trust. In this role, he is responsible for overseeing all fiduciary products, including sales, marketing, service delivery, and financial performance.Deborah George, CPA, CGMA
Chief Financial Officer, Argent Institutional Trust Company Deborah George is the Chief Financial Officer at Argent Institutional Trust Company. She is responsible for financial reporting to executive management and the board of directors of Argent Institutional Trust Company.Dennis D. Gillespie
President, Argent Institutional Trust Company Dennis D. Gillespie is the President of Argent Institutional Trust Company. He is responsible for implementing the strategic vision and direction of the company, which includes administrative and regulatory compliance.Jana Egeler
Vice President, Argent Trust Company, Trustee Jana Egeler serves as a Vice President at Argent Trust Company and is a contact for the Permian Basin Royalty Trust.Nancy Willis
Director of Royalty Trust Services Nancy Willis focuses on providing information to the unitholders of the publicly traded royalty trusts for which Argent Trust Company serves as trustee.AI Analysis | Feedback
1. Commodity Price Volatility
The most significant risk for Permian Basin Royalty Trust is its direct exposure to the volatile market prices of crude oil and natural gas. Since the trust's income is derived from royalty interests, fluctuations in these commodity prices directly impact its revenue and the cash distributions to unitholders. Declining oil prices have previously led to deteriorating cash distributions and an "excess cost position" at the Waddell Ranch properties, PBT's largest asset, preventing royalty income from that source for extended periods.
2. Declining Production and High Operating Costs of Underlying Properties
As the trust holds interests in mature oil and gas fields, there is an inherent risk of natural production decline over the long term, which would reduce royalty income. Furthermore, the trust is a passive entity and does not control the operational decisions or costs of the underlying operators. High operating costs at the Waddell Ranch properties have frequently exceeded gross proceeds, leading to periods where the trust receives no royalty income from this significant asset until these costs are recovered by future proceeds.
3. Litigation and Operator Disputes
Permian Basin Royalty Trust is engaged in ongoing litigation with Blackbeard Operating, LLC, the operator of its Waddell Ranch properties. This dispute involves allegations of improper calculation and payment of royalties, failure to provide required production metrics, and issues with cost accounting. This litigation has directly impacted the trust's ability to receive royalty income from its largest asset and introduces significant financial uncertainty.
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The accelerating global energy transition to renewable energy sources and electrification poses a clear emerging threat to Permian Basin Royalty Trust. This trend, driven by climate change concerns, advancements in renewable technologies, and increasing regulatory and consumer pressure, directly threatens the long-term demand for and market value of oil and natural gas. As a trust deriving all its income from overriding royalty interests in oil and gas properties, PBT faces a fundamental risk of declining revenue streams and asset values as the world progressively shifts away from fossil fuels.
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Expected Drivers of Future Revenue Growth for Permian Basin Royalty Trust (PBT)
Over the next 2-3 years, the revenue growth for Permian Basin Royalty Trust (PBT) is expected to be primarily influenced by the following factors:
- Global Commodity Prices for Oil and Natural Gas: As a royalty trust, PBT's revenue is directly tied to the realized prices of oil and natural gas from the underlying properties. Higher average prices for these commodities are a significant driver for increased royalty income and, consequently, revenue growth. Recent periods have seen a recovery in commodity prices, contributing to solid results.
- Production Volumes from Texas Royalty Properties: The Texas Royalty properties represent a substantial portion of the Trust's interests and consistently contribute to its distributions. Maintaining or increasing the production volumes of oil and natural gas from these properties will directly impact PBT's revenue.
- Resolution of the Excess Cost Position at Waddell Ranch Properties: The Waddell Ranch properties have historically faced an "excess cost position," where production costs have exceeded gross proceeds, preventing the Trust from receiving royalty income from this asset. A resolution of these operational cost challenges, allowing the Waddell Ranch properties to consistently generate net profits and contribute to distributions, would be a material driver of future revenue for PBT.
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Capital Expenditures
- Capital expenditures for drilling, remedial, and maintenance activities on the Waddell Ranch properties totaled $9.5 million during the first quarter of 2021, an increase from $528,000 in the first quarter of 2020.
- The approved capital expenditures budget for the Waddell Ranch properties for 2021 was $88.6 million (gross), with $32.5 million net to the Trust, with a primary focus on proposing 91 new drill wells and 24 recompletions.
- For the month of March 2021, gross capital expenditures on the Waddell Ranch properties were reported as $3,369,041.
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.38 |
| Mkt Cap | 4.5 |
| Rev LTM | 428 |
| Op Inc LTM | 320 |
| FCF LTM | -373 |
| FCF 3Y Avg | -149 |
| CFO LTM | 866 |
| CFO 3Y Avg | 672 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.9% |
| Rev Chg 3Y Avg | -12.0% |
| Rev Chg Q | 18.5% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Inc Chg LTM | -10.9% |
| Op Inc Chg 3Y Avg | -14.8% |
| Op Mgn LTM | 72.6% |
| Op Mgn 3Y Avg | 79.7% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 68.4% |
| CFO/Rev 3Y Avg | 71.2% |
| FCF/Rev LTM | -21.2% |
| FCF/Rev 3Y Avg | -6.9% |
Price Behavior
| Market Price | $25.40 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -18.0% | |
| 50 Days | 200 Days | |
| DMA Price | $25.63 | $20.32 |
| DMA Trend | up | up |
| Distance from DMA | -0.9% | 25.0% |
| 3M | 1YR | |
| Volatility | 56.8% | 43.2% |
| Downside Capture | -96.03 | -42.64 |
| Upside Capture | 11.57 | 58.39 |
| Correlation (SPY) | -19.9% | 0.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -3.49 | -2.13 | -0.64 | -0.27 | 0.01 | 0.59 |
| Up Beta | -3.83 | -2.69 | -1.74 | -1.22 | -0.08 | 0.57 |
| Down Beta | -4.63 | -4.10 | 0.41 | 0.25 | 0.10 | 0.77 |
| Up Capture | 5% | 22% | 35% | 46% | 54% | 20% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 23 | 32 | 61 | 130 | 362 |
| Down Capture | -880% | -542% | -178% | -97% | -113% | 77% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 17 | 30 | 60 | 114 | 377 |
[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 PBT | |
|---|---|---|---|---|
| PBT | 119.6% | 43.1% | 1.93 | - |
| Sector ETF (XLE) | 28.6% | 20.9% | 1.10 | 49.1% |
| Equity (SPY) | 24.5% | 12.4% | 1.48 | 1.0% |
| Gold (GLD) | 24.7% | 27.5% | 0.79 | 6.9% |
| Commodities (DBC) | 22.7% | 18.9% | 0.95 | 37.2% |
| Real Estate (VNQ) | 10.6% | 13.8% | 0.49 | 3.3% |
| Bitcoin (BTCUSD) | -38.7% | 42.4% | -1.04 | 8.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBT | |
|---|---|---|---|---|
| PBT | 46.5% | 47.9% | 0.96 | - |
| Sector ETF (XLE) | 18.8% | 26.1% | 0.65 | 50.4% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 21.7% |
| Gold (GLD) | 16.9% | 18.3% | 0.75 | 10.4% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 39.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 16.4% |
| Bitcoin (BTCUSD) | 12.3% | 54.2% | 0.42 | 9.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBT | |
|---|---|---|---|---|
| PBT | 19.8% | 42.8% | 0.57 | - |
| Sector ETF (XLE) | 9.0% | 29.6% | 0.35 | 50.1% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 28.0% |
| Gold (GLD) | 12.4% | 16.1% | 0.63 | 8.8% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 38.8% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 23.6% |
| Bitcoin (BTCUSD) | 60.4% | 66.8% | 1.00 | 9.0% |
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Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/18/2026 | 0.0% | ||
| 4/20/2026 | 2.7% | 3.9% | 38.9% |
| 2/17/2026 | 1.2% | 5.3% | 12.1% |
| 12/19/2025 | 3.4% | 2.5% | 12.3% |
| 10/21/2025 | -3.3% | 1.2% | 4.9% |
| 8/19/2025 | 3.1% | 5.2% | 16.6% |
| 6/20/2025 | -1.1% | 1.9% | 4.7% |
| 4/17/2025 | -1.1% | 1.2% | 12.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 19 | 20 | 26 |
| # Negative | 18 | 16 | 10 |
| Median Positive | 1.8% | 3.0% | 7.5% |
| Median Negative | -1.4% | -2.4% | -3.9% |
| Max Positive | 14.5% | 12.9% | 59.8% |
| Max Negative | -4.8% | -10.4% | -10.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/18/2026 | 0.0% | ||
| 4/20/2026 | 2.7% | 3.9% | 38.9% |
| 2/17/2026 | 1.2% | 5.3% | 12.1% |
| 12/19/2025 | 3.4% | 2.5% | 12.3% |
| 10/21/2025 | -3.3% | 1.2% | 4.9% |
| 8/19/2025 | 3.1% | 5.2% | 16.6% |
| 6/20/2025 | -1.1% | 1.9% | 4.7% |
| 4/17/2025 | -1.1% | 1.2% | 12.1% |
| 2/18/2025 | 2.3% | -3.9% | -9.7% |
| 12/20/2024 | 1.8% | -4.4% | 6.9% |
| 10/21/2024 | 0.5% | -0.2% | 12.4% |
| 8/20/2024 | -1.2% | 0.7% | 6.0% |
| 6/17/2024 | -4.8% | -3.5% | 4.7% |
| 4/19/2024 | -3.3% | 0.4% | 11.6% |
| 2/16/2024 | 0.7% | -4.0% | 5.6% |
| 12/18/2023 | -0.6% | -1.9% | -2.1% |
| 10/20/2023 | -2.9% | -2.3% | -10.9% |
| 8/21/2023 | -1.6% | -10.4% | -1.2% |
| 6/20/2023 | -0.2% | -2.4% | -0.3% |
| 4/18/2023 | -0.8% | -10.3% | -7.7% |
| 2/17/2023 | -1.6% | 4.0% | -2.9% |
| 12/19/2022 | 2.8% | 12.9% | 15.9% |
| 10/21/2022 | 1.3% | 11.5% | 8.1% |
| 8/22/2022 | -0.3% | -1.4% | -3.7% |
| 6/17/2022 | 8.2% | -0.5% | 3.2% |
| 4/19/2022 | 1.1% | -3.4% | 1.5% |
| 2/18/2022 | 2.3% | 11.7% | 8.1% |
| 12/20/2021 | 3.6% | 7.8% | 59.8% |
| 10/19/2021 | 14.5% | 8.9% | 17.2% |
| 8/20/2021 | -0.6% | 0.9% | 0.2% |
| 6/21/2021 | -1.5% | 1.3% | -4.0% |
| 4/21/2021 | -2.5% | -1.8% | 5.6% |
| 2/16/2021 | 0.0% | -0.9% | 6.3% |
| 12/18/2020 | 0.0% | 3.3% | 2.2% |
| 10/20/2020 | 1.8% | 0.0% | 22.4% |
| 8/21/2020 | -0.3% | 2.7% | -5.9% |
| 6/23/2020 | -4.4% | -0.5% | 4.0% |
| SUMMARY STATS | |||
| # Positive | 19 | 20 | 26 |
| # Negative | 18 | 16 | 10 |
| Median Positive | 1.8% | 3.0% | 7.5% |
| Median Negative | -1.4% | -2.4% | -3.9% |
| Max Positive | 14.5% | 12.9% | 59.8% |
| Max Negative | -4.8% | -10.4% | -10.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/30/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.80 | 2,000 | 25,600 | 79,578,970 | Form | |
| 2 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.78 | 6,483 | 82,853 | 79,429,067 | Form | |
| 3 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.40 | 2,000 | 24,800 | 76,986,938 | Form | |
| 4 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.46 | 4,000 | 49,840 | 77,334,535 | Form | |
| 5 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.51 | 6,898 | 86,294 | 77,594,826 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.80 | 2,000 | 25,600 | 79,578,970 | Form | |
| 2 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.78 | 6,483 | 82,853 | 79,429,067 | Form | |
| 3 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.40 | 2,000 | 24,800 | 76,986,938 | Form | |
| 4 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.46 | 4,000 | 49,840 | 77,334,535 | Form | |
| 5 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.51 | 6,898 | 86,294 | 77,594,826 | Form | |
| 6 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.31 | 2,000 | 24,620 | 76,269,387 | Form | |
| 7 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.05 | 4,000 | 48,200 | 74,634,398 | Form | |
| 8 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.10 | 7,138 | 86,370 | 74,895,685 | Form | |
| 9 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.12 | 20,165 | 244,400 | 74,932,967 | Form | |
| 10 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 11.96 | 4,582 | 54,801 | 73,423,911 | Form | |
| 11 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.11 | 11,241 | 136,129 | 74,289,292 | Form | |
| 12 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 12.08 | 15,000 | 181,200 | 73,969,464 | Form | |
| 13 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 11.62 | 22,000 | 255,640 | 70,742,560 | Form | |
| 14 | Oliver, Eric L | SoftVest, LP | Buy | 7222025 | 11.49 | 5,000 | 57,450 | 69,686,850 | Form |
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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