Key Points
- Major shareholder Eric Oliver bought 34,596 shares of Cross Timbers Royalty Trust at $8.68 each, spending about $300,293 and boosting his stake by 3.92% to 917,186 shares.
- The trust recently raised its monthly dividend to $0.0442 per share from $0.03, implying an annualized yield of about 6.1% and a payout ratio of 66.67%.
- CRT shares traded around $8.66, near the lower end of their 52-week range of $7.07 to $11.10, while the stock continues to carry an average Hold rating from analysts.
Cross Timbers Royalty Trust (NYSE:CRT - Get Free Report) major shareholder Eric Oliver acquired 20,968 shares of the stock in a transaction on Monday, June 22nd. The stock was bought at an average price of $8.65 per share, with a total value of $181,373.20. Following the transaction, the insider directly owned 882,590 shares of the company's stock, valued at approximately $7,634,403.50. The trade was a 2.43% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.
Cross Timbers Royalty Trust Stock Performance
Shares of Cross Timbers Royalty Trust stock opened at $8.66 on Thursday. Cross Timbers Royalty Trust has a 52-week low of $7.07 and a 52-week high of $11.10. The stock has a market capitalization of $51.98 million, a price-to-earnings ratio of 16.04 and a beta of -0.04. The company's 50 day moving average price is $10.44 and its 200-day moving average price is $9.45.
Cross Timbers Royalty Trust (NYSE:CRT - Get Free Report) last issued its earnings results on Thursday, May 14th. The oil and gas company reported $0.08 EPS for the quarter. Cross Timbers Royalty Trust had a net margin of 71.40% and a return on equity of 145.81%. The company had revenue of $0.77 million for the quarter.
Cross Timbers Royalty Trust Increases Dividend
The company also recently declared a monthly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.0442 dividend. This is a boost from Cross Timbers Royalty Trust's previous monthly dividend of $0.03. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 6.1%. Cross Timbers Royalty Trust's payout ratio is 66.67%.
Hedge Funds Weigh In On Cross Timbers Royalty Trust
Several hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in shares of Cross Timbers Royalty Trust by 81.2% during the second quarter. Bank of America Corp DE now owns 3,596 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 1,612 shares in the last quarter. Ritholtz Wealth Management bought a new stake in Cross Timbers Royalty Trust in the first quarter valued at $112,000. O Shaughnessy Asset Management LLC boosted its holdings in Cross Timbers Royalty Trust by 23.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 14,030 shares of the oil and gas company's stock valued at $112,000 after acquiring an additional 2,651 shares in the last quarter. Welch Group LLC purchased a new position in Cross Timbers Royalty Trust during the 1st quarter valued at $157,000. Finally, Susquehanna International Group LLP purchased a new position in Cross Timbers Royalty Trust during the 3rd quarter valued at $212,000. 9.74% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings downgraded shares of Cross Timbers Royalty Trust from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, June 18th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, Cross Timbers Royalty Trust currently has an average rating of "Hold".
View Our Latest Analysis on CRT
About Cross Timbers Royalty Trust
(
Get Free Report)
Cross Timbers Royalty Trust (NYSE:CRT) is a Delaware statutory trust that holds royalty interests in a portfolio of onshore oil and natural gas properties. The trust was established in June 2005 through a contribution of assets by Chesapeake Energy Corporation. It earns revenue by collecting overriding royalty and net profit interests carved out of producing leases and then distributing those receipts to its unitholders on a quarterly basis.
The underlying assets of the trust consist primarily of oil, natural gas and natural gas liquids reserves located in several Texas counties, including Erath, Stephens, Comanche and Palo Pinto.
Further Reading
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