Key Points
- Major shareholder Eric Oliver purchased 3,947 CRT shares at an average price of $10.51, increasing his direct ownership by 0.41% to 967,685 shares.
- Cross Timbers Royalty Trust reported quarterly EPS of $0.14 and increased its monthly dividend to $0.0679 per share, implying a 7.6% annualized yield.
- CRT shares opened at $10.71, near their 52-week high, while the stock maintains a consensus “Hold” rating and institutional investors own 9.74% of the company.
Cross Timbers Royalty Trust (NYSE:CRT - Get Free Report) major shareholder Eric Oliver purchased 2,289 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was purchased at an average price of $10.63 per share, with a total value of $24,332.07. Following the completion of the transaction, the insider owned 969,974 shares of the company's stock, valued at approximately $10,310,823.62. This trade represents a 0.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Cross Timbers Royalty Trust Stock Performance
Shares of Cross Timbers Royalty Trust stock opened at $10.71 on Friday. The company has a market capitalization of $64.26 million, a P/E ratio of 20.21 and a beta of -0.04. The company has a fifty day moving average of $9.92 and a 200 day moving average of $10.04. Cross Timbers Royalty Trust has a fifty-two week low of $7.07 and a fifty-two week high of $11.10.
Cross Timbers Royalty Trust (NYSE:CRT - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The oil and gas company reported $0.14 EPS for the quarter. Cross Timbers Royalty Trust had a return on equity of 147.68% and a net margin of 74.04%.
Cross Timbers Royalty Trust Increases Dividend
The business also recently announced a monthly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be issued a $0.0679 dividend. This represents a c) annualized dividend and a dividend yield of 7.6%. This is a boost from Cross Timbers Royalty Trust's previous monthly dividend of $0.06. The ex-dividend date of this dividend is Monday, August 31st. Cross Timbers Royalty Trust's payout ratio is presently 152.83%.
Wall Street Analyst Weigh In
Separately, Weiss Ratings lowered Cross Timbers Royalty Trust from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, June 18th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, Cross Timbers Royalty Trust has an average rating of "Hold".
Read Our Latest Analysis on Cross Timbers Royalty Trust
Institutional Trading of Cross Timbers Royalty Trust
Several hedge funds have recently modified their holdings of the company. Susquehanna International Group LLP bought a new position in shares of Cross Timbers Royalty Trust during the 3rd quarter valued at approximately $212,000. Welch Group LLC purchased a new position in shares of Cross Timbers Royalty Trust in the first quarter valued at $157,000. O Shaughnessy Asset Management LLC increased its position 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 worth $112,000 after purchasing an additional 2,651 shares during the last quarter. Ritholtz Wealth Management bought a new stake in Cross Timbers Royalty Trust in the first quarter worth $112,000. Finally, Bank of America Corp DE raised its stake in 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 purchasing an additional 1,612 shares in the last quarter. 9.74% of the stock is owned by hedge funds and other institutional investors.
About Cross Timbers Royalty Trust
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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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