Tearsheet

PermRock Royalty Trust (PRT)


Market Price (4/28/2026): $2.83 | Market Cap: $34.4 Mil
Sector: Energy | Industry: Oil & Gas Exploration & Production

PermRock Royalty Trust (PRT)


Market Price (4/28/2026): $2.83
Market Cap: $34.4 Mil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total 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 margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 84%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.

Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -107%

Expensive valuation multiples
P/SPrice/Sales ratio is 7.2x

Weak revenue growth
Rev 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 risks
PRT key risks include [1] its unhedged exposure to commodity price volatility, Show more.

0 Attractive yield
Total 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%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 84%
2 Low stock price volatility
Vol 12M is 31%
3 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
4 Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -107%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 7.2x
6 Weak revenue growth
Rev 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%
7 Key risks
PRT key risks include [1] its unhedged exposure to commodity price volatility, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

PermRock Royalty Trust (PRT) stock has gained about 20% since 12/31/2025 because of the following key factors:

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
ReturnCorrelation
PRT19.4% 
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
ReturnCorrelation
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
ReturnCorrelation
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
ReturnCorrelation
PRT-37.9% 
Market (SPY)79.8%11.8%
Sector (XLE)50.2%29.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PRT Return195%24%-38%-12%-13%19%110%
Peers Return115%134%-33%20%7%40%506%
S&P 500 Return27%-19%24%23%16%5%91%

Monthly Win Rates [3]
PRT Win Rate75%67%42%50%50%50% 
Peers Win Rate56%67%42%53%42%83% 
S&P 500 Win Rate75%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

Unique KeyEventPRTS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-58.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven138.9%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-81.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven453.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven370 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-63.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven174.7%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 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

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About PermRock Royalty Trust (PRT)

PermRock Royalty Trust owns 80% net profits interest in the oil and natural gas production properties acquired by Boaz Energy II, LLC in Permian Basin, Texas. Its underlying properties comprising 22,997 net acres, which include 2,434 net acres on the Central Basin Platform of the Permian Basin in Hockley and Terry counties, Texas; 1,667 net acres on the Central Basin Platform of the Permian Basin in Terry and Cochran counties, Texas; 14,727 net acres on the Eastern Shelf of the Permian Basin in Glasscock, Schleicher, Stonewall, and Coke counties, Texas; and 4,169 net acres on the Central Basin Platform of the Permian Basin in Ward, Crane, Terry, and Ector counties, Texas. The company was founded in 2017 and is based in Fort Worth, Texas.

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:
  1. 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.
  2. 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.
  3. 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

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The 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.

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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.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K03312026KGSKodiak Gas ServicesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K03312026KOSKosmos EnergyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
65.2%65.2%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
15.3%15.3%-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025RIGTransoceanInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap
60.5%60.5%-7.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PRTPBTCRTTPLMedian
NamePermRock.Permian .Cross Ti.Texas Pa. 
Mkt Price-22.2910.69436.9022.29
Mkt Cap0.01.00.130.10.6
Rev LTM616679811
Op Inc LTM514459210
FCF LTM---3232
FCF 3Y Avg---159159
CFO LTM---546546
CFO 3Y Avg---485485

Growth & Margins

PRTPBTCRTTPLMedian
NamePermRock.Permian .Cross Ti.Texas Pa. 
Rev Chg LTM-6.8%-40.5%-12.6%13.1%-9.7%
Rev Chg 3Y Avg-22.8%-31.3%-20.3%6.5%-21.6%
Rev Chg Q-27.3%-29.8%11.4%13.9%-8.0%
QoQ Delta Rev Chg LTM-6.7%-6.6%3.0%3.3%-1.8%
Op Inc Chg LTM-8.7%-43.7%-20.9%9.8%-14.8%
Op Inc Chg 3Y Avg-25.1%-33.5%-24.7%2.4%-24.9%
Op Mgn LTM84.0%88.7%77.4%74.2%80.7%
Op Mgn 3Y Avg85.7%92.9%85.5%75.8%85.6%
QoQ Delta Op Mgn LTM-1.3%0.1%-1.5%-1.6%-1.4%
CFO/Rev LTM---68.4%68.4%
CFO/Rev 3Y Avg---68.0%68.0%
FCF/Rev LTM---4.0%4.0%
FCF/Rev 3Y Avg---24.4%24.4%

Valuation

PRTPBTCRTTPLMedian
NamePermRock.Permian .Cross Ti.Texas Pa. 
Mkt Cap0.01.00.130.10.6
P/S7.264.411.237.724.5
P/Op Inc8.572.714.450.932.7
P/EBIT8.572.714.449.331.9
P/E8.572.714.362.638.4
P/CFO---55.255.2
Total Yield11.7%1.4%7.0%2.1%4.5%
Dividend Yield0.0%0.0%0.0%0.5%0.0%
FCF Yield 3Y Avg---0.4%0.4%
D/E0.00.00.00.00.0
Net D/E-0.0-0.0-0.0-0.0-0.0

Returns

PRTPBTCRTTPLMedian
NamePermRock.Permian .Cross Ti.Texas Pa. 
1M Rtn-0.6%0.3%0.6%-14.6%-0.1%
3M Rtn-1.1%17.2%24.3%28.0%20.7%
6M Rtn-13.6%23.9%48.9%41.4%32.7%
12M Rtn-9.7%129.4%10.0%-1.2%4.4%
3Y Rtn-32.4%2.7%-35.2%175.2%-14.9%
1M Excs Rtn-10.8%-9.4%-3.8%-27.1%-10.1%
3M Excs Rtn-4.3%13.9%21.1%24.8%17.5%
6M Excs Rtn-19.9%14.9%38.9%33.7%24.3%
12M Excs Rtn-40.1%97.4%-18.9%-32.1%-25.5%
3Y Excs Rtn-106.6%-80.5%-110.7%87.0%-93.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment7138310
Total7138310


Price Behavior

Price Behavior
Market Price$3.30 
Market Cap ($ Bil)0.0 
First Trading Date05/02/2018 
Distance from 52W High-17.1% 
   50 Days200 Days
DMA Price$3.37$3.62
DMA Trenddownup
Distance from DMA-2.0%-8.8%
 3M1YR
Volatility40.9%31.2%
Downside Capture24.457.32
Upside Capture26.84-7.73
Correlation (SPY)7.5%1.6%
PRT Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta-0.170.210.420.110.190.27
Up Beta-1.090.28-0.040.080.06-0.01
Down Beta-0.82-0.330.600.180.520.55
Up Capture37%20%93%-7%-2%5%
Bmk +ve Days8172866140425
Stock +ve Days10213560122364
Down Capture22%46%5%28%24%71%
Bmk -ve Days14253560112325
Stock -ve Days10192658116347

[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%1.6417.8%
Equity (SPY)31.2%12.5%1.911.7%
Gold (GLD)39.7%27.2%1.2110.2%
Commodities (DBC)45.1%18.1%1.9319.3%
Real Estate (VNQ)13.1%13.4%0.673.2%
Bitcoin (BTCUSD)-17.7%42.1%-0.3510.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PRT
PRT0.3%40.5%0.13-
Sector ETF (XLE)23.6%26.1%0.8147.7%
Equity (SPY)12.9%17.1%0.5918.7%
Gold (GLD)20.9%17.8%0.9613.0%
Commodities (DBC)14.5%19.1%0.6240.1%
Real Estate (VNQ)3.4%18.8%0.0814.4%
Bitcoin (BTCUSD)6.5%56.3%0.335.4%

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%0.3843.7%
Equity (SPY)14.8%17.9%0.7124.5%
Gold (GLD)13.8%15.9%0.728.6%
Commodities (DBC)10.0%17.8%0.4733.2%
Real Estate (VNQ)5.3%20.7%0.2225.7%
Bitcoin (BTCUSD)68.2%66.9%1.079.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 3312026-2.0%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest2.2 days
Basic Shares Quantity12.2 Mil
Short % of Basic Shares1.1%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/21/20250.5%1.5%2.1%
7/21/20251.2%0.5%-1.4%
4/17/20253.1%2.1%0.1%
1/21/20250.6%6.1%6.0%
10/21/20240.0%0.7%0.2%
7/19/20240.0%-0.3%5.3%
4/19/20242.7%1.3%-5.8%
1/19/20242.0%3.3%-1.9%
...
SUMMARY STATS   
# Positive141612
# Negative10812
Median Positive0.9%2.6%5.7%
Median Negative-2.7%-9.0%-4.9%
Max Positive5.5%10.0%48.2%
Max Negative-10.4%-12.6%-20.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/27/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202403/28/202510-K
09/30/202411/13/202410-Q
06/30/202408/09/202410-Q
03/31/202405/14/202410-Q
12/31/202304/01/202410-K
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
03/31/202205/16/202210-Q