SandRidge Permian Trust Downgraded to Underperform at RBC Capital (PER)
SandRidge Permian Trust (NYSE:PER) was downgraded by RBC Capital from a “sector perform” rating to an “underperform” rating in a research note issued on Monday, AR Network reports. They currently have a $14.00 price objective on the stock, down from their previous price objective of $17.00. RBC Capital’s target price would suggest a potential downside of 6.29% from the company’s current price.
Shares of SandRidge Permian Trust (NYSE:PER) opened at 14.94 on Monday. SandRidge Permian Trust has a one year low of $13.42 and a one year high of $20.87. The stock has a 50-day moving average of $14.79 and a 200-day moving average of $14.7. The company has a market cap of $784.3 million and a P/E ratio of 6.53.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 29th. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.65 per share. This represents a $2.61 annualized dividend and a dividend yield of 17.46%. The ex-dividend date is Tuesday, November 12th. This is a positive change from SandRidge Permian Trust’s previous quarterly dividend of $0.59.
SandRidge Permian Trust (NYSE:PER) is a trust formed by SandRidge Energy, Inc (SandRidge) to own royalty interests in 509 developed oil and natural gas wells located in Andrews County, Texas (the Producing Wells), and 888 oil and natural gas development wells to be drilled (the Development Wells) within an Area of Mutual Interest (AMI).
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