PermRock Royalty Trust's primary asset is an 80% net profits interest derived from oil and natural gas production properties located within the Permian Basin of Texas. These energy-producing assets were originally acquired by Boaz Energy II, LLC. The total subsurface area encompassed by these holdings amounts to 22,997 net acres. This expansive acreage is strategically distributed across various geological platforms and counties: 2,434 net acres are situated on the Central Basin Platform, spanning Hockley and Terry counties; an additional 1,667 net acres are also found on the Central Basin Platform in Terry and Cochran counties; a substantial 14,727 net acres are located on the Eastern Shelf, encompassing Glasscock, Schleicher, Stonewall, and Coke counties; and a further 4,169 net acres are part of the Central Basin Platform in Ward, Crane, Terry, and Ector counties, all within Texas. The trust was established in 2017 and its corporate headquarters are located in Fort Worth, Texas.
The share count has stayed roughly flat over this period — little dilution or buyback activity.
Diluted shares outstanding: 12.2M (2021) → 12.2M (2025)
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings per share down more than 10%. Either a bad year, or a real decline.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage above 8. Profits cover interest many times over.
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P/E under 10. The price tag is small relative to last year's profit.
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Yield above 6% — often a flag the market is pricing in a cut.
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