SandRidge Permian Trust (PER) Short Interest Down 38.0% in September
SandRidge Permian Trust (NYSE:PER) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 320,550 shares, a drop of 38.0% from the September 15th total of 516,835 shares. Based on an average daily trading volume, of 136,266 shares, the days-to-cover ratio is currently 2.4 days. Approximately 0.8% of the shares of the stock are short sold.
Shares of SandRidge Permian Trust (NYSE:PER) opened at 3.00 on Wednesday. SandRidge Permian Trust has a 12-month low of $2.01 and a 12-month high of $4.92. The company’s 50-day moving average price is $2.73 and its 200 day moving average price is $2.61. The company has a market cap of $157.50 million, a price-to-earnings ratio of 3.97 and a beta of 1.08.
Several equities analysts recently commented on the company. Canaccord Genuity restated a “buy” rating on shares of SandRidge Permian Trust in a research report on Monday, August 15th. Roth Capital restated a “buy” rating on shares of SandRidge Permian Trust in a research report on Tuesday, July 12th.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Trust Asset Management LLC raised its position in shares of SandRidge Permian Trust by 28.2% in the second quarter. Trust Asset Management LLC now owns 2,477,015 shares of the company’s stock valued at $6,440,000 after buying an additional 544,400 shares in the last quarter. Huntington National Bank acquired a new stake in shares of SandRidge Permian Trust during the second quarter worth $190,000. Advisor Group Inc. acquired a new stake in shares of SandRidge Permian Trust during the second quarter worth $131,000. Finally, Arrow Investment Advisors LLC increased its stake in shares of SandRidge Permian Trust by 7.0% in the second quarter. Arrow Investment Advisors LLC now owns 243,152 shares of the company’s stock worth $632,000 after buying an additional 15,891 shares during the last quarter. 9.66% of the stock is owned by institutional investors and hedge funds.
About SandRidge Permian Trust
Sandridge Permian Trust (the Trust) is a statutory trust. The Trust holds Royalty Interests in specified oil and natural gas properties in the Permian Basin located in Andrews County, Texas. The Trust’s business activities are generally limited to owning the Royalty Interests, and entering into hedging arrangements at the inception of the Trust and activities related thereto, including activities required or permitted by the terms of the conveyances related to the Royalty Interests.
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