Permian Basin Royalty Trust (PBT) unusual activity late on 2/14 as more than 3000 September $15 calls were bought $3.80 to $4.30 to open, 6X daily call activity and a name with 36,000 calls in open interest compared to just 12,000 puts. PBT shares are already up 40% YTD with strong Energy markets and forming a bull flag on the daily that measures to an upside target of $19 on a breakout above $14. The company owns a 75% net overriding royalty interest in the Waddell Ranch properties comprising Dune, Judkins, McKnight, Tubb, Devonian, and Waddell fields located in Crane County, Texas. Its Texas Royalty properties comprised approximately 125 separate royalty interests containing 51,000 net producing acres. PBT has a small market ap of $626M and trades 14X trailing FY20 EBITDA with the trust structure not providing a lot of disclosure not analysts having forecasts but clearly tied to the Permian Basin and Oil prices.