PermRock Royalty Trust (PRT)
Market Price (4/28/2026): $2.83 | Market Cap: $34.4 MilSector: Energy | Industry: Oil & Gas Exploration & Production
PermRock Royalty Trust (PRT)
Market Price (4/28/2026): $2.83Market Cap: $34.4 MilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 84% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -107% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.2x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23%, Rev Chg QQuarterly Revenue Change % is -27% Key risksPRT key risks include [1] its unhedged exposure to commodity price volatility, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 84% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -107% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.2x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23%, Rev Chg QQuarterly Revenue Change % is -27% |
| Key risksPRT key risks include [1] its unhedged exposure to commodity price volatility, Show more. |
Qualitative Assessment
AI Analysis | Feedback
PermRock Royalty Trust (PRT) experienced a 27.9% stock price decline from approximately October 31, 2025, to January 15, 2026, primarily due to a combination of declining commodity prices and decreased distributions.
1. Significant Decrease in Monthly Dividend Distributions
The Trust's monthly cash distributions decreased notably during the period. Specifically, a dividend of $0.0164 per share was declared on December 19, 2025, for payment on January 15, 2026, representing a decrease of $0.0124 from the prior month's dividend. This followed a dividend announcement of $0.0288 per share on November 17, 2025. This reduction in distributions directly impacts investor returns and the attractiveness of a royalty trust.
2. Falling Natural Gas Prices and Forecasts for Lower Prices
Natural gas prices, particularly the Henry Hub spot price, saw a significant decline. The U.S. Energy Information Administration (EIA) lowered its Henry Hub natural gas spot price forecast for the first quarter of 2026 to an average of $3.38 per million British thermal units (MMBtu) from an earlier estimate of $4.35/MMBtu, citing milder-than-normal January temperatures. The Henry Hub spot price dropped to below $3/MMBtu on January 9, 2026, from approximately $5/MMBtu a month prior.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
12/31/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| PRT | 19.4% | |
| Market (SPY) | 4.2% | 11.7% |
| Sector (XLE) | 27.0% | 30.1% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| PRT | -14.5% | |
| Market (SPY) | 7.0% | 3.6% |
| Sector (XLE) | 28.2% | 20.9% |
Fundamental Drivers
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Market Drivers
3/31/2025 to 4/27/2026| Return | Correlation | |
|---|---|---|
| PRT | -17.1% | |
| Market (SPY) | 28.1% | 10.9% |
| Sector (XLE) | 24.6% | 26.7% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/27/2026| Return | Correlation | |
|---|---|---|
| PRT | -37.9% | |
| Market (SPY) | 79.8% | 11.8% |
| Sector (XLE) | 50.2% | 29.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PRT Return | 195% | 24% | -38% | -12% | -13% | 19% | 110% |
| Peers Return | 115% | 134% | -33% | 20% | 7% | 40% | 506% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 91% |
Monthly Win Rates [3] | |||||||
| PRT Win Rate | 75% | 67% | 42% | 50% | 50% | 50% | |
| Peers Win Rate | 56% | 67% | 42% | 53% | 42% | 83% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PRT Max Drawdown | -2% | -2% | -41% | -19% | -13% | -6% | |
| Peers Max Drawdown | -3% | -7% | -45% | -26% | -23% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PBT, CRT, TPL.
[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 4/27/2026 (YTD)
How Low Can It Go
| Event | PRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -58.1% | -25.4% |
| % Gain to Breakeven | 138.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -81.9% | -33.9% |
| % Gain to Breakeven | 453.4% | 51.3% |
| Time to Breakeven | 370 days | 148 days |
| 2018 Correction | ||
| % Loss | -63.6% | -19.8% |
| % Gain to Breakeven | 174.7% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to PBT, CRT, TPL
In The Past
PermRock Royalty Trust's stock fell -58.1% during the 2022 Inflation Shock from a high on 6/8/2022. A -58.1% loss requires a 138.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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About PermRock Royalty Trust (PRT)
AI Analysis | Feedback
PermRock Royalty Trust is like a REIT (Real Estate Investment Trust) for oil and gas production income.
AI Analysis | Feedback
- Oil: A hydrocarbon liquid extracted from the Permian Basin, generating profit interest for the trust.
- Natural Gas: A gaseous hydrocarbon extracted alongside oil from the Permian Basin, also generating profit interest for the trust.
AI Analysis | Feedback
PermRock Royalty Trust (PRT) is structured as a royalty trust, not an operating company that directly produces and sells oil and natural gas. Its business model involves owning an 80% net profits interest in the oil and natural gas production properties operated by Boaz Energy II, LLC.
As such, PermRock Royalty Trust (PRT) does not have direct customers. Its income is derived from its net profits interest based on the production and sale of oil and natural gas by the operator, Boaz Energy II, LLC. The actual buyers of the crude oil and natural gas produced from these properties (e.g., refiners, pipelines, utility companies) are customers of Boaz Energy II, LLC, not direct customers of PermRock Royalty Trust.
AI Analysis | Feedback
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AI Analysis | Feedback
PermRock Royalty Trust (PRT) is a statutory trust and, as such, does not have a traditional management team with a Chief Executive Officer (CEO) or Chief Financial Officer (CFO). The Trust's affairs are administered by a Trustee. Currently, the Trustee for PermRock Royalty Trust is Argent Trust Company.Nancy Willis
Director of Royalty Trust Services, Argent Trust Company
Nancy Willis is involved in the administration of PermRock Royalty Trust through her role as Director of Royalty Trust Services at Argent Trust Company, the Trust's Trustee. Argent Trust Company is responsible for managing the Trust's affairs, which includes receiving net profits from the underlying oil and natural gas properties and distributing monthly cash to unitholders after deductions for fees and expenses.
AI Analysis | Feedback
The key risks to PermRock Royalty Trust (PRT) are primarily driven by its structure as a passive royalty trust in the oil and natural gas sector. The most significant risks include:- Commodity Price Volatility: PermRock Royalty Trust's income is directly and unhedged to the volatile prices of oil and natural gas. Since the trust's revenue is a pass-through of an 80% Net Profits Interest from these commodities, fluctuations in global energy markets, driven by factors such as geopolitical events, OPEC actions, and demand changes, directly impact its distributable cash flow and the value of its units.
- Declining Production and Depletion of Underlying Assets: As a U.S. royalty trust, PermRock Royalty Trust is restricted from acquiring new properties or undertaking exploration activities once formed. The trust's distributions are derived from finite oil and natural gas reserves in its existing Permian Basin properties. These assets are subject to natural decline rates, meaning production volumes and associated royalty income will decrease over time, eventually leading to the trust's dissolution.
- Dependence on Third-Party Operator: PermRock Royalty Trust is a passive entity with no operational control over its underlying oil and gas properties and no employees. Its distributions are entirely dependent on the operational performance, capital expenditure decisions, and management of the properties by the third-party operator (currently T2S Permian Acquisition II LLC). Any inefficiencies, strategic shifts, or financial instability of the operator could materially affect the trust's cash flow and unit values.
AI Analysis | Feedback
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AI Analysis | Feedback
```htmlThe addressable market for PermRock Royalty Trust's main products and services, which are derived from oil and natural gas production, is the U.S. oil and gas market.
The U.S. oil and gas market was valued at approximately USD 474.5 billion in 2025 and is projected to reach USD 717.39 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.7% from 2026 to 2034.
PermRock Royalty Trust's properties are located in the Permian Basin in Texas, which is a significant contributor to the U.S. oil and gas market. The Permian Basin is the largest petroleum-producing basin in the United States. In December 2025, the Permian Basin produced approximately 6.7 million barrels per day of crude oil and 29.1 billion cubic feet per day of marketed natural gas. The Permian Basin accounted for 47% of U.S. oil production in 2024 and 21% of U.S. natural gas production in the same year.
```AI Analysis | Feedback
PermRock Royalty Trust's (PRT) future revenue growth over the next 2-3 years is expected to be primarily influenced by the following factors:- Fluctuations in Oil and Natural Gas Prices: The Trust's revenue is directly tied to the market prices of oil and natural gas. Higher commodity prices translate into increased royalty income, while lower prices can negatively impact revenue. For instance, a decline in net profits income in 2024 was attributed to decreased oil and natural gas sales volumes and prices. Conversely, the Trust tends to benefit from rising prices. Future earnings and distributable income are highly sensitive to these prices, making precise forecasts challenging.
- Production Maintenance and Enhancement Activities: Revenue growth is also driven by the performance of the underlying Permian Basin assets. While the Trust's properties are mature and have historically experienced declining production volumes, efforts by the operator can help stabilize and modestly increase output. The new owner, T2S, plans to drill one injector and one producer well in Crane County, Texas, in 2025, which could contribute to stabilizing production. Additionally, management believes production can be modestly enhanced through expanded water-flooding operations and further well drilling.
- Long-Term Reserve Life: The underlying properties have an estimated reserve life of over 75 years. While royalty trusts are based on depleting assets, this long reserve life indicates a sustained, though potentially declining, production base that will continue to generate royalties over an extended period, contributing to long-term revenue stability even if not significant growth.
AI Analysis | Feedback
PermRock Royalty Trust (PRT), as a statutory trust, generally does not undertake the same capital allocation decisions as traditional operating companies because its primary function is to distribute net profits to unitholders rather than reinvesting profits into growth or research. The underlying operator of the oil and natural gas properties, currently T2S Permian Acquisition II LLC (formerly Boaz Energy II, LLC), handles capital expenditures related to the properties.Outbound Investments
- In 2022, PermRock Royalty Trust divested its net profits interest in certain "Divestiture Properties." The proceeds from these sales were included in calculating the Trust's net profits.
- Proceeds from the divestitures amounted to $361,815 (or $0.029740 per Trust Unit) in May 2022 and $510,494 (or $0.041961 per Trust Unit) in July 2022.
Capital Expenditures
- PermRock Royalty Trust itself, due to its structure as a royalty trust, does not directly incur capital expenditures.
- Capital expenditures are managed by the underlying operator of the oil and natural gas properties, T2S Permian Acquisition II LLC, and these costs are factored into the net profits distributed to the Trust.
- For instance, the operator reported no capital expenditures in December 2025 due to the completion of 2025 drilling activities, and capital expenditures of $1,659 in October 2025.
Trade Ideas
Select ideas related to PRT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | KGS | Kodiak Gas Services | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03312026 | KOS | Kosmos Energy | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 12262025 | TPL | Texas Pacific Land | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 65.2% | 65.2% | -2.1% |
| 12122025 | NOV | NOV | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 15.3% | 15.3% | -6.5% |
| 12122025 | RIG | Transocean | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 60.5% | 60.5% | -7.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.29 |
| Mkt Cap | 0.6 |
| Rev LTM | 11 |
| Op Inc LTM | 10 |
| FCF LTM | 32 |
| FCF 3Y Avg | 159 |
| CFO LTM | 546 |
| CFO 3Y Avg | 485 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -9.7% |
| Rev Chg 3Y Avg | -21.6% |
| Rev Chg Q | -8.0% |
| QoQ Delta Rev Chg LTM | -1.8% |
| Op Inc Chg LTM | -14.8% |
| Op Inc Chg 3Y Avg | -24.9% |
| Op Mgn LTM | 80.7% |
| Op Mgn 3Y Avg | 85.6% |
| QoQ Delta Op Mgn LTM | -1.4% |
| CFO/Rev LTM | 68.4% |
| CFO/Rev 3Y Avg | 68.0% |
| FCF/Rev LTM | 4.0% |
| FCF/Rev 3Y Avg | 24.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.6 |
| P/S | 24.5 |
| P/Op Inc | 32.7 |
| P/EBIT | 31.9 |
| P/E | 38.4 |
| P/CFO | 55.2 |
| Total Yield | 4.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.4% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.1% |
| 3M Rtn | 20.7% |
| 6M Rtn | 32.7% |
| 12M Rtn | 4.4% |
| 3Y Rtn | -14.9% |
| 1M Excs Rtn | -10.1% |
| 3M Excs Rtn | 17.5% |
| 6M Excs Rtn | 24.3% |
| 12M Excs Rtn | -25.5% |
| 3Y Excs Rtn | -93.6% |
Price Behavior
| Market Price | $3.30 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 05/02/2018 | |
| Distance from 52W High | -17.1% | |
| 50 Days | 200 Days | |
| DMA Price | $3.37 | $3.62 |
| DMA Trend | down | up |
| Distance from DMA | -2.0% | -8.8% |
| 3M | 1YR | |
| Volatility | 40.9% | 31.2% |
| Downside Capture | 24.45 | 7.32 |
| Upside Capture | 26.84 | -7.73 |
| Correlation (SPY) | 7.5% | 1.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.17 | 0.21 | 0.42 | 0.11 | 0.19 | 0.27 |
| Up Beta | -1.09 | 0.28 | -0.04 | 0.08 | 0.06 | -0.01 |
| Down Beta | -0.82 | -0.33 | 0.60 | 0.18 | 0.52 | 0.55 |
| Up Capture | 37% | 20% | 93% | -7% | -2% | 5% |
| Bmk +ve Days | 8 | 17 | 28 | 66 | 140 | 425 |
| Stock +ve Days | 10 | 21 | 35 | 60 | 122 | 364 |
| Down Capture | 22% | 46% | 5% | 28% | 24% | 71% |
| Bmk -ve Days | 14 | 25 | 35 | 60 | 112 | 325 |
| Stock -ve Days | 10 | 19 | 26 | 58 | 116 | 347 |
[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 PRT | |
|---|---|---|---|---|
| PRT | -9.3% | 31.1% | -0.31 | - |
| Sector ETF (XLE) | 41.2% | 19.6% | 1.64 | 17.8% |
| Equity (SPY) | 31.2% | 12.5% | 1.91 | 1.7% |
| Gold (GLD) | 39.7% | 27.2% | 1.21 | 10.2% |
| Commodities (DBC) | 45.1% | 18.1% | 1.93 | 19.3% |
| Real Estate (VNQ) | 13.1% | 13.4% | 0.67 | 3.2% |
| Bitcoin (BTCUSD) | -17.7% | 42.1% | -0.35 | 10.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PRT | |
|---|---|---|---|---|
| PRT | 0.3% | 40.5% | 0.13 | - |
| Sector ETF (XLE) | 23.6% | 26.1% | 0.81 | 47.7% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 18.7% |
| Gold (GLD) | 20.9% | 17.8% | 0.96 | 13.0% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 40.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 14.4% |
| Bitcoin (BTCUSD) | 6.5% | 56.3% | 0.33 | 5.4% |
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 PRT | |
|---|---|---|---|---|
| PRT | -7.7% | 60.5% | 0.08 | - |
| Sector ETF (XLE) | 10.1% | 29.5% | 0.38 | 43.7% |
| Equity (SPY) | 14.8% | 17.9% | 0.71 | 24.5% |
| Gold (GLD) | 13.8% | 15.9% | 0.72 | 8.6% |
| Commodities (DBC) | 10.0% | 17.8% | 0.47 | 33.2% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 25.7% |
| Bitcoin (BTCUSD) | 68.2% | 66.9% | 1.07 | 9.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2025 | 0.5% | 1.5% | 2.1% |
| 7/21/2025 | 1.2% | 0.5% | -1.4% |
| 4/17/2025 | 3.1% | 2.1% | 0.1% |
| 1/21/2025 | 0.6% | 6.1% | 6.0% |
| 10/21/2024 | 0.0% | 0.7% | 0.2% |
| 7/19/2024 | 0.0% | -0.3% | 5.3% |
| 4/19/2024 | 2.7% | 1.3% | -5.8% |
| 1/19/2024 | 2.0% | 3.3% | -1.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 16 | 12 |
| # Negative | 10 | 8 | 12 |
| Median Positive | 0.9% | 2.6% | 5.7% |
| Median Negative | -2.7% | -9.0% | -4.9% |
| Max Positive | 5.5% | 10.0% | 48.2% |
| Max Negative | -10.4% | -12.6% | -20.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 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 |
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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