<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>高收益股票支付的股息显著高于市场平均水平。例如，标准普尔 500 指数当前的收益率仅为约 1.2%。</p>
<p>高收益股票在退休后补充收入方面尤其有利。投资 12 万美元于平均股息收益率为 5% 的股票，每月可产生约 <strong>500 美元的股息</strong>。</p>
<p>接下来我们要审查的高股息股票是 PermRock Royalty Trust (PRT)。</p>
<h3><strong>业务概述</strong></h3>
<p>PermRock Royalty Trust (PRT) 是由 Boaz Energy 于 2017 年 11 月成立的信托，该公司专注于在二叠纪盆地收购、开发和运营石油和天然气资产。该信托的所有现金流均来自其资产的石油和天然气销售净利润，并每月分配股息。PRT 的市值为 4900 万美元，并于 2018 年 5 月上市。</p>
<p>该信托的资产由成熟常规油田中的长期储量组成，具有浅层、可预测的衰减率。通过水驱技术可以提高产量，未来可能会发现新的储量。二叠纪盆地横跨德克萨斯州西部和新墨西哥州东南部，是美国最富饶的石油生产地区，历史上产出超过 300 亿桶石油和超过 75 万亿立方英尺的天然气。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2021/05/PRT-Overview-e1621974526727.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2021/05/PRT-Overview-e1621974526727.jpg"/></p>
<p>来源：投资者关系</p>
<p>2025 年 3 月 31 日，Boaz Energy 将信托基础上的石油和天然气资产出售给 T2S Permian Acquisition II LLC。截止 2025 年 6 月 30 日的第二季度，PRT 报告净利润为 155 万美元，略低于去年同期的 166 万美元。平均实现的油价同比下降 16%，而天然气上涨 8.7%。可分配收入总计 120 万美元，较去年同期的 135 万美元下降 11%，每单位收益为 0.10 美元，而之前为 0.11 美元。现金储备保持在 100 万美元，与 2024 年 6 月 30 日持平，年初至今的分配总额为每单位 0.3105 美元。</p>
<h3><strong>增长前景</strong></h3>
<p>尽管 2021 年和 2022 年平均实现的油气价格较高，PermRock Royalty Trust 自 2019 年以来面临生产量下降的问题。2023 年和 2024 年生产再次下降，反映出信托资产的成熟特性。新所有者 T2S 计划在 2025 年在德克萨斯州克兰县钻探一口注入井和一口生产井，这可能有助于稳定产量。</p>
<p>管理层认为，通过扩大水驱作业和增加钻井，产量也可以适度增加，尽管整体增长仍受资产成熟度的限制。</p>
<p>未来的收益和可分配收入对油气价格高度敏感，使得精确预测变得具有挑战性。商品价格波动历史上驱动了波动性，例如 2020 年的油价崩溃和 2022 年因全球供应中断而导致的价格飙升。</p>
<p>假设市场条件稳定，我们估计到 2030 年每单位可分配收入可能每年增长约 6%，主要受益于油价上涨，而非显著的生产增长。这突显了信托利用商品周期的能力，而不是追求运营扩张。</p>
<h3><strong>竞争优势与经济衰退表现</strong></h3>
<p>PermRock Royalty Trust 受益于其在二叠纪盆地的长期储量，该地区是美国最富饶的石油生产区域之一。其资产具有浅层、可预测的衰减率，且通过水驱和选择性钻井可以提高产量。</p>
<p>作为一个特许权信托，PermRock 的运营费用极低，不会产生勘探或开发成本，使其能够将大部分利润直接分配给股东作为每月股息。这种结构提供了一种简化的、以现金为中心的方式来获得石油和天然气生产的敞口。</p>
<p>然而，该信托对商品价格波动高度敏感，使其在经济衰退期间脆弱。例如，在 2020 年因 COVID-19 导致的石油过剩期间，股息暂停了五个月。相反，在油价上涨期间，PermRock 能够提供超额回报和高股息收益率，通常表现优于综合能源公司。因此，其表现与影响石油和天然气市场的宏观经济和地缘政治因素密切相关。</p>
<h3><strong>股息分析</strong></h3>
<p>PermRock Royalty Trust 根据其基础净利润支付可变的每月股息。预计该信托在 2025 年将分配每股 0.38 美元，收益率为 9.7%。虽然这一收益率具有吸引力，但股息可能会随着油价的波动而显著变化。在 2019-2020 年的油市崩溃期间，PermRock 暂停了连续五个月的股息。</p>
<p>该信托对油价高度敏感，当油价上涨时，提供的上行空间大于综合石油公司，正如在疫情后复苏中所见，股息增长得以恢复。这使得 PermRock 适合那些对未来油价上涨有信心并希望获得二叠纪盆地敞口的投资者。</p>
<p>然而，这种杠杆也带来了风险：在经济下行时，损失会被放大。尽管 PermRock 的资产位于富饶的二叠纪盆地，但作为一个石油特许权信托，可能不是从生产增长中获益的最有效方式。投资者可能通过传统的石油和天然气生产商或中游公司获得更好的风险调整敞口。2020 年的股息暂停突显了石油和天然气特许权信托固有的波动性。</p>
<h3><strong>最终思考</strong></h3>
<p>PermRock Royalty Trust 近年来面临多重挑战，包括疲软的油价和 COVID-19 疫情导致的需求崩溃。该信托在美国最富油产的地区运营，并提供异常高的股息收益率，得益于适度的增长前景。</p>
<p>虽然我们不预期能源行业会出现短期下滑，但该信托对油价的高度依赖以及非多元化的商业模式使其在集中投资方面存在风险。作为一个纯粹的上游参与者，它本质上暴露于商品价格波动之中，其相对较短的业绩记录限制了对长期股息稳定性和一致性的信心。</p>
<hr/>
<p><em>更多来自该作者：</em></p>
<p>高股息 50：Golub Capital BDC, Inc.</p>
<p>适合收入投资者的 10 只退休股票</p>
<p>3 只适合收入的顶级退休股票</p>

<p>PermRock Royalty Trust (PRT) 成立于 2017 年，通过石油和天然气销售产生现金流，并每月分配股息。尽管市值为 4900 万美元，PRT 自 2019 年以来面临生产下降。2025 年第二季度，净利润为 155 万美元，可分配收入为 120 万美元。该信托的股息收益率预计在 2025 年为 9.7%，但对油价波动敏感，在市场低迷时曾暂停分红。未来增长有限，依赖于商品价格的稳定，而非显著的生产增加，因此适合对油价上涨有信心的投资者</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>High-yield stocks pay out dividends that are significantly higher than the market average. For example, the S&amp;P 500’s current yield is only ~1.2%.</p>
<div class="lb-trans"><p>高收益股票支付的股息显著高于市场平均水平。例如，标准普尔 500 指数当前的收益率仅为约 1.2%。</p>
</div><p>High-yield stocks can be particularly beneficial in supplementing income after retirement. A $120,000 investment in stocks with an average dividend yield of 5% creates an average of <strong>$500 a month in dividends</strong>.</p>
<div class="lb-trans"><p>高收益股票在退休后补充收入方面尤其有利。投资 12 万美元于平均股息收益率为 5% 的股票，每月可产生约 <strong>500 美元的股息</strong>。</p>
</div><p>Next on our list of high-dividend stocks to review is PermRock Royalty Trust (PRT).</p>
<div class="lb-trans"><p>接下来我们要审查的高股息股票是 PermRock Royalty Trust (PRT)。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>业务概述</strong></h3>
</div><p>PermRock Royalty Trust (PRT) is a trust established in November 2017 by Boaz Energy, a company specializing in the acquisition, development, and operation of oil and natural gas assets in the Permian Basin. The trust generates all its cash flow from the net profits of oil and gas sales from its properties and distributes dividends monthly. PRT trades with a market capitalization of $49 million and went public in May 2018.</p>
<div class="lb-trans"><p>PermRock Royalty Trust (PRT) 是由 Boaz Energy 于 2017 年 11 月成立的信托，该公司专注于在二叠纪盆地收购、开发和运营石油和天然气资产。该信托的所有现金流均来自其资产的石油和天然气销售净利润，并每月分配股息。PRT 的市值为 4900 万美元，并于 2018 年 5 月上市。</p>
</div><p>The trust’s properties consist of long-life reserves in mature, conventional oil fields, featuring shallow, predictable decline rates. Production can be enhanced through water-flooding techniques, and new reserves may be identified in the future. The Permian Basin, spanning West Texas and southeastern New Mexico, is the most prolific oil-producing region in the U.S., historically yielding over 30 billion barrels of oil and more than 75 trillion cubic feet of natural gas.</p>
<div class="lb-trans"><p>该信托的资产由成熟常规油田中的长期储量组成，具有浅层、可预测的衰减率。通过水驱技术可以提高产量，未来可能会发现新的储量。二叠纪盆地横跨德克萨斯州西部和新墨西哥州东南部，是美国最富饶的石油生产地区，历史上产出超过 300 亿桶石油和超过 75 万亿立方英尺的天然气。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.suredividend.com/wp-content/uploads/2021/05/PRT-Overview-e1621974526727.jpg" alt="" original-src="https://www.suredividend.com/wp-content/uploads/2021/05/PRT-Overview-e1621974526727.jpg"/></p>
<p>Source: Investor Relations</p>
<div class="lb-trans"><p>来源：投资者关系</p>
</div><p>On March 31, 2025, Boaz Energy sold the oil and gas properties underlying the trust to T2S Permian Acquisition II LLC. For the second quarter ending June 30, 2025, PRT reported net profits of $1.55 million, slightly below $1.66 million in the prior year period. The average realized oil price fell 16% year-over-year, while natural gas rose 8.7%. Distributable income totaled $1.20 million, down 11% from $1.35 million in the prior year, equating to $0.10 per unit versus $0.11 previously. Cash reserves remained at $1 million, unchanged from June 30, 2024, and year-to-date distributions totaled $0.3105 per unit.</p>
<div class="lb-trans"><p>2025 年 3 月 31 日，Boaz Energy 将信托基础上的石油和天然气资产出售给 T2S Permian Acquisition II LLC。截止 2025 年 6 月 30 日的第二季度，PRT 报告净利润为 155 万美元，略低于去年同期的 166 万美元。平均实现的油价同比下降 16%，而天然气上涨 8.7%。可分配收入总计 120 万美元，较去年同期的 135 万美元下降 11%，每单位收益为 0.10 美元，而之前为 0.11 美元。现金储备保持在 100 万美元，与 2024 年 6 月 30 日持平，年初至今的分配总额为每单位 0.3105 美元。</p>
</div><h3><strong>Growth Prospects</strong></h3>
<div class="lb-trans"><h3><strong>增长前景</strong></h3>
</div><p>PermRock Royalty Trust has faced declining production volumes since 2019, despite higher average realized oil and gas prices in 2021 and 2022. Production declined again in 2023 and 2024, reflecting the mature nature of the trust’s assets. The new owner, T2S, plans to drill one injector and one producer well in Crane County, Texas, in 2025, which could help stabilize output.</p>
<div class="lb-trans"><p>尽管 2021 年和 2022 年平均实现的油气价格较高，PermRock Royalty Trust 自 2019 年以来面临生产量下降的问题。2023 年和 2024 年生产再次下降，反映出信托资产的成熟特性。新所有者 T2S 计划在 2025 年在德克萨斯州克兰县钻探一口注入井和一口生产井，这可能有助于稳定产量。</p>
</div><p>Management believes production can also be modestly increased through expanded water-flooding operations and additional well drilling, though overall growth remains limited by the properties’ maturity.</p>
<div class="lb-trans"><p>管理层认为，通过扩大水驱作业和增加钻井，产量也可以适度增加，尽管整体增长仍受资产成熟度的限制。</p>
</div><p>Future earnings and distributable income are highly sensitive to oil and natural gas prices, making precise forecasts challenging. Commodity price swings have historically driven volatility, such as the 2020 oil collapse and the 2022 surge amid global supply disruptions.</p>
<div class="lb-trans"><p>未来的收益和可分配收入对油气价格高度敏感，使得精确预测变得具有挑战性。商品价格波动历史上驱动了波动性，例如 2020 年的油价崩溃和 2022 年因全球供应中断而导致的价格飙升。</p>
</div><p>Assuming stable market conditions, we estimate distributable income per unit could grow roughly 6% annually through 2030, primarily driven by higher oil prices rather than significant production gains. This underscores the trust’s ability to leverage commodity cycles rather than pursue operational expansion.</p>
<div class="lb-trans"><p>假设市场条件稳定，我们估计到 2030 年每单位可分配收入可能每年增长约 6%，主要受益于油价上涨，而非显著的生产增长。这突显了信托利用商品周期的能力，而不是追求运营扩张。</p>
</div><h3><strong>Competitive Advantages &amp; Recession Performance</strong></h3>
<div class="lb-trans"><h3><strong>竞争优势与经济衰退表现</strong></h3>
</div><p>PermRock Royalty Trust benefits from its ownership of long-life reserves in the Permian Basin, one of the most prolific oil-producing regions in the U.S. Its assets have shallow, predictable decline rates, and production can be enhanced through water-flooding and selective drilling.</p>
<div class="lb-trans"><p>PermRock Royalty Trust 受益于其在二叠纪盆地的长期储量，该地区是美国最富饶的石油生产区域之一。其资产具有浅层、可预测的衰减率，且通过水驱和选择性钻井可以提高产量。</p>
</div><p>As a royalty trust, PermRock has minimal operating expenses and does not incur exploration or development costs, allowing it to pass most of its profits directly to shareholders as monthly dividends. This structure provides a streamlined, cash-focused way to gain exposure to oil and gas production.</p>
<div class="lb-trans"><p>作为一个特许权信托，PermRock 的运营费用极低，不会产生勘探或开发成本，使其能够将大部分利润直接分配给股东作为每月股息。这种结构提供了一种简化的、以现金为中心的方式来获得石油和天然气生产的敞口。</p>
</div><p>However, the trust is highly sensitive to commodity price fluctuations, making it vulnerable during economic downturns. For example, the dividend was suspended for five months in 2020 amid the COVID-19-driven oil glut. Conversely, during periods of rising oil prices, PermRock can deliver outsized returns and high dividend yields, often outperforming integrated energy companies. Its performance is therefore closely tied to macroeconomic and geopolitical factors that affect the oil and gas markets.</p>
<div class="lb-trans"><p>然而，该信托对商品价格波动高度敏感，使其在经济衰退期间脆弱。例如，在 2020 年因 COVID-19 导致的石油过剩期间，股息暂停了五个月。相反，在油价上涨期间，PermRock 能够提供超额回报和高股息收益率，通常表现优于综合能源公司。因此，其表现与影响石油和天然气市场的宏观经济和地缘政治因素密切相关。</p>
</div><h3><strong>Dividend Analysis</strong></h3>
<div class="lb-trans"><h3><strong>股息分析</strong></h3>
</div><p>PermRock Royalty Trust pays a variable monthly dividend based on its underlying net profits. The trust is expected to distribute $0.38 per share for 2025, yielding 9.7%. While this yield is attractive, dividends can fluctuate significantly with oil prices. During the oil market collapse of 2019–2020, PermRock suspended its dividend for five consecutive months.</p>
<div class="lb-trans"><p>PermRock Royalty Trust 根据其基础净利润支付可变的每月股息。预计该信托在 2025 年将分配每股 0.38 美元，收益率为 9.7%。虽然这一收益率具有吸引力，但股息可能会随着油价的波动而显著变化。在 2019-2020 年的油市崩溃期间，PermRock 暂停了连续五个月的股息。</p>
</div><p>The trust is highly sensitive to oil prices, offering greater upside than integrated oil companies when prices rise, as seen in the post-pandemic recovery that allowed dividend growth to resume. This makes PermRock suitable for investors confident in higher future oil prices who want exposure to the Permian Basin.</p>
<div class="lb-trans"><p>该信托对油价高度敏感，当油价上涨时，提供的上行空间大于综合石油公司，正如在疫情后复苏中所见，股息增长得以恢复。这使得 PermRock 适合那些对未来油价上涨有信心并希望获得二叠纪盆地敞口的投资者。</p>
</div><p>However, this leverage also carries risk: in a downturn, losses are amplified. Although PermRock’s assets are located in the prolific Permian Basin, an oil royalty trust may not be the most efficient way to benefit from production growth. Investors may achieve better risk-adjusted exposure through traditional oil and gas producers or midstream companies. The 2020 dividend suspension underscores the volatility inherent in oil and gas royalty trusts.</p>
<div class="lb-trans"><p>然而，这种杠杆也带来了风险：在经济下行时，损失会被放大。尽管 PermRock 的资产位于富饶的二叠纪盆地，但作为一个石油特许权信托，可能不是从生产增长中获益的最有效方式。投资者可能通过传统的石油和天然气生产商或中游公司获得更好的风险调整敞口。2020 年的股息暂停突显了石油和天然气特许权信托固有的波动性。</p>
</div><h3><strong>Final Thoughts</strong></h3>
<div class="lb-trans"><h3><strong>最终思考</strong></h3>
</div><p>PermRock Royalty Trust has faced several challenges in recent years, including weak oil prices and the demand collapse caused by the COVID-19 pandemic. The trust operates in the U.S.’s most prolific oil-producing region and offers an exceptionally high dividend yield, supported by modest growth prospects.</p>
<div class="lb-trans"><p>PermRock Royalty Trust 近年来面临多重挑战，包括疲软的油价和 COVID-19 疫情导致的需求崩溃。该信托在美国最富油产的地区运营，并提供异常高的股息收益率，得益于适度的增长前景。</p>
</div><p>While we do not anticipate a near-term downturn in the energy sector, the trust’s heavy reliance on oil prices and non-diversified business model makes it risky for concentrated investment. As a pure upstream player, it is inherently exposed to commodity price volatility, and its relatively short track record limits confidence in long-term dividend stability and consistency.</p>
<div class="lb-trans"><p>虽然我们不预期能源行业会出现短期下滑，但该信托对油价的高度依赖以及非多元化的商业模式使其在集中投资方面存在风险。作为一个纯粹的上游参与者，它本质上暴露于商品价格波动之中，其相对较短的业绩记录限制了对长期股息稳定性和一致性的信心。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自该作者：</em></p>
</div><p>High Dividend 50: Golub Capital BDC, Inc.</p>
<div class="lb-trans"><p>高股息 50：Golub Capital BDC, Inc.</p>
</div><p>10 Of The Right Retirement Stocks For Income Investors</p>
<div class="lb-trans"><p>适合收入投资者的 10 只退休股票</p>
</div><p>3 Top Retirement Stocks For Income</p>
<div class="lb-trans"><p>3 只适合收入的顶级退休股票</p>
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高股息 50：PermRock Royalty Trust