Permian Basin Royalty Trust (PBT)
Market Price (5/23/2026): $31.15 | Market Cap: $1.5 BilSector: Energy | Industry: Oil & Gas Storage & Transportation
Permian Basin Royalty Trust (PBT)
Market Price (5/23/2026): $31.15Market Cap: $1.5 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 40% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -40% | Expensive valuation multiplesP/SPrice/Sales ratio is 87x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 98x, P/EPrice/Earnings or Price/(Net Income) is 98x Stock price has recently run up significantly12M Rtn12 month market price return is 186% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -32% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% 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 40% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -40% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 87x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 98x, P/EPrice/Earnings or Price/(Net Income) is 98x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 186% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -31%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -32% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% |
| 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 70% since 1/31/2026 because of the following key factors:
1. Proposed Merger with Blackbeard Holdings.
On May 19, 2026, Permian Basin Royalty Trust announced a preliminary non-binding agreement to merge with Blackbeard Holdings, aiming to create a new NYSE-listed public company. The merger is designed to convert PBT's existing Net Profits Interest into a cost-free 15% royalty interest, which is expected to enhance operational efficiencies and provide more predictable cash flow. Existing PBT unitholders are projected to own approximately 58% of the new entity.
2. Surge in Crude Oil and Natural Gas Prices.
Crude oil and petroleum product prices experienced a significant increase during the first quarter of 2026, primarily due to military action in the Middle East and the closure of the Strait of Hormuz. The front-month futures price of Brent crude oil rose from $61 per barrel at the beginning of 2026 to $118 per barrel by the end of Q1 2026. As of May 20, 2026, West Texas Intermediate (WTI) crude oil was approximately $103.87 per barrel, representing a 68.70% increase compared to the same period last year. National average gasoline prices also jumped by $1.00 per gallon from February 26 to March 26, 2026, reaching $3.98 per gallon.
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1. Proposed Merger with Blackbeard Holdings.
On May 19, 2026, Permian Basin Royalty Trust announced a preliminary non-binding agreement to merge with Blackbeard Holdings, aiming to create a new NYSE-listed public company. The merger is designed to convert PBT's existing Net Profits Interest into a cost-free 15% royalty interest, which is expected to enhance operational efficiencies and provide more predictable cash flow. Existing PBT unitholders are projected to own approximately 58% of the new entity.
2. Surge in Crude Oil and Natural Gas Prices.
Crude oil and petroleum product prices experienced a significant increase during the first quarter of 2026, primarily due to military action in the Middle East and the closure of the Strait of Hormuz. The front-month futures price of Brent crude oil rose from $61 per barrel at the beginning of 2026 to $118 per barrel by the end of Q1 2026. As of May 20, 2026, West Texas Intermediate (WTI) crude oil was approximately $103.87 per barrel, representing a 68.70% increase compared to the same period last year. National average gasoline prices also jumped by $1.00 per gallon from February 26 to March 26, 2026, reaching $3.98 per gallon.
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Stock Movement Drivers
Fundamental Drivers
The 70.4% change in PBT stock from 1/31/2026 to 5/22/2026 was primarily driven by a 76.9% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.20 | 31.01 | 70.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 17 | -3.7% |
| Net Income Margin (%) | 88.5% | 88.6% | 0.1% |
| P/E Multiple | 55.5 | 98.1 | 76.9% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 70.4% |
Market Drivers
1/31/2026 to 5/22/2026| Return | Correlation | |
|---|---|---|
| PBT | 70.4% | |
| Market (SPY) | 8.1% | -11.1% |
| Sector (XLE) | 17.3% | 57.4% |
Fundamental Drivers
The 69.2% change in PBT stock from 10/31/2025 to 5/22/2026 was primarily driven by a 89.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.33 | 31.01 | 69.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 17 | -9.7% |
| Net Income Margin (%) | 89.5% | 88.6% | -1.0% |
| P/E Multiple | 51.8 | 98.1 | 89.2% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 69.2% |
Market Drivers
10/31/2025 to 5/22/2026| Return | Correlation | |
|---|---|---|
| PBT | 69.2% | |
| Market (SPY) | 9.9% | -0.9% |
| Sector (XLE) | 37.0% | 54.2% |
Fundamental Drivers
The 222.6% change in PBT stock from 4/30/2025 to 5/22/2026 was primarily driven by a 456.6% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.61 | 31.01 | 222.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27 | 17 | -38.7% |
| Net Income Margin (%) | 93.7% | 88.6% | -5.5% |
| P/E Multiple | 17.6 | 98.1 | 456.6% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 222.6% |
Market Drivers
4/30/2025 to 5/22/2026| Return | Correlation | |
|---|---|---|
| PBT | 222.6% | |
| Market (SPY) | 36.0% | 2.3% |
| Sector (XLE) | 52.5% | 46.3% |
Fundamental Drivers
The 43.1% change in PBT stock from 4/30/2023 to 5/22/2026 was primarily driven by a 420.0% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.67 | 31.01 | 43.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 54 | 17 | -69.5% |
| Net Income Margin (%) | 98.3% | 88.6% | -9.9% |
| P/E Multiple | 18.9 | 98.1 | 420.0% |
| Shares Outstanding (Mil) | 47 | 47 | 0.0% |
| Cumulative Contribution | 43.1% |
Market Drivers
4/30/2023 to 5/22/2026| Return | Correlation | |
|---|---|---|
| PBT | 43.1% | |
| Market (SPY) | 86.3% | 22.4% |
| Sector (XLE) | 54.1% | 47.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PBT Return | 218% | 166% | -43% | -17% | 57% | 77% | 1020% |
| Peers Return | 63% | 119% | -18% | 47% | -17% | 34% | 376% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| PBT Win Rate | 67% | 58% | 33% | 42% | 50% | 100% | |
| Peers Win Rate | 50% | 71% | 64% | 58% | 31% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| PBT Max Drawdown | -20% | -33% | -47% | -31% | -27% | -9% | |
| Peers Max Drawdown | -34% | -28% | -50% | -34% | -38% | -15% | |
| 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 5/22/2026 (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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Asset Allocation
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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, an express trust, holds overriding royalty interests in various oil and gas properties in the United States. The company owns a 75% net overriding royalty interest in the Waddell Ranch properties comprising Dune, Judkins, McKnight, Tubb, Devonian, and Waddell fields located in Crane County, Texas. As of December 31, 2021, the Waddell Ranch properties contained 268 net productive oil wells, 38 net productive gas wells, and 50 net injection wells. The company also holds a 95% net overriding royalty in the Texas Royalty properties, which consist of various producing oil fields, such as Yates, Wasson, Sand Hills, East Texas, Kelly-Snyder, Panhandle Regular, N. Cowden, Todd, Keystone, Kermit, McElroy, Howard-Glasscock, Seminole, and others located in 33 counties in Texas. Its Texas Royalty properties comprised approximately 125 separate royalty interests containing approximately 51,000 net producing acres. Permian Basin Royalty Trust was founded in 1980 and is based in Dallas, Texas.
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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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Permian Basin Royalty Trust (PBT) is an express trust and, as such, does not have a traditional management team with a CEO and CFO in the same way an operating company does. Instead, it is administered by a Trustee, which is Argent Trust Company. The "management team" for PBT consists of the key individuals within Argent Trust Company and its relevant divisions who are responsible for the oversight and administration of the trust. Here are key members from the management team of Argent Trust Company and its institutional trust division, Argent Institutional Trust Company, who are responsible for the Permian Basin Royalty Trust: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
The Permian Basin Royalty Trust (PBT) faces several key risks inherent to its business model as an express trust holding overriding royalty interests in oil and gas properties. The key risks to the business are: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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Permian Basin Royalty Trust's addressable market primarily consists of the crude oil and natural gas markets within Texas and the broader United States, given its overriding royalty interests in properties located in the Permian Basin and other Texas counties. The addressable market for crude oil and natural gas in these regions is substantial: * **United States Oil & Gas Market:** The U.S. oil and gas market was valued at approximately USD 1.61 trillion in 2025 and is projected to reach around USD 2.24 trillion by 2034, growing at a compound annual growth rate (CAGR) of 3.75% between 2025 and 2034. * **Texas Oil and Natural Gas Industry:** In 2025, the direct Gross Regional Product for the Texas oil and natural gas industry was $385 billion. Texas led the nation in oil production, supplying nearly 2.1 billion barrels of oil to energy markets in 2025. The state also set a new record in natural gas output in 2025 with over 13.5 trillion cubic feet produced. * **Permian Basin (Texas and New Mexico):** The Permian Basin is a critical component of the U.S. oil and gas market. In 2025, the Permian Basin accounted for 23% of total U.S. marketed gas production. Furthermore, Texas and New Mexico supplied 64.7% of U.S. crude in 2025, with the Permian Basin contributing 6.38 million barrels per day, reflecting a 9.9% year-over-year increase. The Permian Basin alone accounts for over 45% of all oil produced in the U.S. The market value for the Permian Basin oil and gas shale is projected to grow at a CAGR of 5.10% between 2025 and 2034. * **U.S. Natural Gas Market:** The U.S. natural gas market size is expected to be valued at approximately US$473.4 billion in 2025 and is projected to reach US$601.8 billion by 2032. The U.S. natural gas distribution market alone was valued at USD 222.5 billion in 2025. In 2025, U.S. marketed natural gas production reached a record 118.5 billion cubic feet per day (Bcf/d). * **Global Crude Oil Market:** On a broader scale, the global crude oil market size was valued at $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033. North America, which includes a significant portion of PBT's royalty interests, held approximately 52% of the global crude oil market share in 2022.AI Analysis | Feedback
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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Permian Basin Royalty Trust (PBT), as a royalty trust, primarily distributes its net profits to unitholders and typically does not engage in traditional capital allocation decisions such as share repurchases, share issuances, or strategic investments in other companies. However, information regarding capital expenditures on its underlying properties is available.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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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.95 |
| Mkt Cap | 5.0 |
| 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% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.0 |
| P/S | 23.7 |
| P/Op Inc | 32.3 |
| P/EBIT | 31.6 |
| P/E | 37.5 |
| P/CFO | 28.8 |
| Total Yield | 3.1% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | -3.2% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.1% |
| 3M Rtn | 13.0% |
| 6M Rtn | 34.3% |
| 12M Rtn | 17.5% |
| 3Y Rtn | 56.7% |
| 1M Excs Rtn | -5.0% |
| 3M Excs Rtn | 4.6% |
| 6M Excs Rtn | 20.4% |
| 12M Excs Rtn | -12.3% |
| 3Y Excs Rtn | -22.1% |
Price Behavior
Price Behavior
| Market Price | $31.01 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $23.27 | $19.27 |
| DMA Trend | up | up |
| Distance from DMA | 33.3% | 60.9% |
| 3M | 1YR | |
| Volatility | 49.1% | 40.4% |
| Downside Capture | -174.67 | -81.14 |
| Upside Capture | 53.42 | 66.37 |
| Correlation (SPY) | -18.3% | 0.2% |
PBT Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.01 | -0.22 | 0.01 | 0.19 | 0.23 | 0.64 |
| Up Beta | -1.75 | -1.59 | -1.23 | -0.92 | 0.19 | 0.61 |
| Down Beta | 1.17 | 0.55 | 1.05 | 0.85 | 0.17 | 0.76 |
| Up Capture | 17% | 49% | 54% | 60% | 68% | 24% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 21 | 31 | 59 | 133 | 362 |
| Down Capture | 7% | -21% | -16% | 17% | -38% | 86% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 22 | 33 | 64 | 114 | 380 |
[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 | 187.4% | 40.3% | 2.71 | - |
| Sector ETF (XLE) | 49.9% | 20.2% | 1.89 | 45.9% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | -0.4% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 7.7% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | 32.9% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 3.8% |
| Bitcoin (BTCUSD) | -29.5% | 41.7% | -0.73 | 9.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBT | |
|---|---|---|---|---|
| PBT | 54.6% | 47.5% | 1.08 | - |
| Sector ETF (XLE) | 21.2% | 26.0% | 0.73 | 50.2% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 22.1% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 10.6% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 38.6% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 17.0% |
| Bitcoin (BTCUSD) | 12.2% | 55.3% | 0.42 | 9.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PBT | |
|---|---|---|---|---|
| PBT | 23.5% | 42.6% | 0.64 | - |
| Sector ETF (XLE) | 10.6% | 29.5% | 0.40 | 50.0% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 28.3% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 8.7% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 38.3% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 23.8% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 9.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/18/2026 | 2.3% | ||
| 2/17/2026 | 1.2% | 5.3% | 12.1% |
| 11/17/2025 | -1.2% | -2.3% | -11.0% |
| 8/19/2025 | 3.1% | 5.2% | 16.6% |
| 5/19/2025 | -0.1% | 2.6% | 10.0% |
| 2/18/2025 | 2.3% | -3.9% | -9.7% |
| 11/18/2024 | 1.6% | 0.2% | -12.4% |
| 8/20/2024 | -1.2% | 0.7% | 6.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 13 |
| # Negative | 15 | 10 | 11 |
| Median Positive | 2.6% | 3.3% | 10.0% |
| Median Negative | -1.1% | -2.4% | -9.7% |
| Max Positive | 8.2% | 12.9% | 59.8% |
| Max Negative | -4.9% | -9.5% | -16.2% |
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 |
Insider Activity
Expand for More| # | 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 |
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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