Key Points
- Insider buying: Major shareholder Eric Oliver purchased 4,817 CRT shares at $12 each for $57,804, increasing his direct ownership to 1,018,049 shares.
- Dividend reduced: Cross Timbers Royalty Trust declared a monthly dividend of $0.0643, down from $0.0679, equating to an annualized payout of about $0.77 and a 6.2% yield.
- Stock and outlook: CRT shares opened at $12.48, near their 52-week high of $13.15. The stock carries a consensus “Hold” rating, while Weiss Ratings modestly upgraded it from “hold (c-)” to “hold (c).”
Cross Timbers Royalty Trust (NYSE:CRT - Get Free Report) major shareholder Eric Oliver purchased 1,377 shares of the company's stock in a transaction that occurred on Tuesday, October 13th. The stock was bought at an average price of $12.23 per share, with a total value of $16,840.71. Following the transaction, the insider owned 1,019,426 shares of the company's stock, valued at $12,467,579.98. This represents a 0.14% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Cross Timbers Royalty Trust Price Performance
Shares of NYSE CRT opened at $12.48 on Thursday. The business's 50 day moving average is $11.31 and its two-hundred day moving average is $10.58. Cross Timbers Royalty Trust has a 1-year low of $7.07 and a 1-year high of $13.15. The stock has a market capitalization of $74.89 million, a P/E ratio of 23.23 and a beta of 0.01.
Cross Timbers Royalty Trust (NYSE:CRT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The oil and gas company reported $0.14 earnings per share (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 Cuts Dividend
The business also recently announced a monthly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.0643 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.77 annualized dividend and a dividend yield of 6.2%. This is a decrease from Cross Timbers Royalty Trust's previous monthly dividend of $0.0679. Cross Timbers Royalty Trust's dividend payout ratio is presently 145.28%.
Hedge Funds Weigh In On Cross Timbers Royalty Trust
A hedge fund recently bought a new stake in Cross Timbers Royalty Trust stock. Ritholtz Wealth Management purchased a new stake in shares of Cross Timbers Royalty Trust (NYSE:CRT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 10,558 shares of the oil and gas company's stock, valued at approximately $112,000. Ritholtz Wealth Management owned about 0.18% of Cross Timbers Royalty Trust at the end of the most recent quarter. 9.74% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings upgraded Cross Timbers Royalty Trust from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday. One analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold".
Check Out Our Latest Analysis on CRT
About Cross Timbers Royalty Trust
(
Get Free Report)
Cross Timbers Royalty Trust (NYSE:CRT) is a grantor trust that owns royalty and net profits interests in certain oil and natural gas properties. The trust does not operate wells or provide exploration, drilling, or production services directly. Instead, it receives distributions based on production and sales from the underlying properties, after applicable production expenses and other deductions.
The trust's interests are associated primarily with oil and natural gas properties in Texas and Oklahoma.
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