Why These 15 Energy Stocks Are up the Most So Far in 2025

Page 13 of 14

2. San Juan Basin Royalty Trust (NYSE:SJT)

Number of Hedge Fund Holders In Q4 2024: 6

San Juan Basin Royalty Trust (NYSE:SJT) ​​is a grantor trust that holds a 75% net overriding royalty interest in oil and natural gas properties in the San Juan Basin of northwestern New Mexico, distributing monthly royalty income to unit holders.

The biggest news impacting the stock in 2025 was negative: the Trust announced no cash distributions for March and April due to excess production costs from Hilcorp’s drilling of two horizontal wells in 2024.

As of April 2025, the Trust had to apply all net proceeds to cover a remaining excess production cost balance of $12.87 million, with cash reserves dropping to just $117,797. This suspension of distributions followed a similar halt in March.

Hilcorp’s 2025 capital plan also calls for $9 million in expenditures for new drilling, recompletions, and facility upgrades, which will continue to weigh on cash flows and delay future distributions.

SJT stock is up 50.39% year-to-date. This is likely due to technical and cyclical reasons, as the stock recovers from a 77%-plus decline from 2022 peaks. Plus, many are optimistic about its oil and gas properties due to the new administration being friendly to fossil fuel development.

Page 13 of 14