Pacific Coast Oil Trust Plans Dividend of $0.03 (NYSE:ROYT)
Pacific Coast Oil Trust (NYSE:ROYT) announced a dividend on Monday, July 3rd, NASDAQ reports. Stockholders of record on Monday, July 10th will be given a dividend of 0.028 per share by the oil and gas producer on Thursday, July 20th. The ex-dividend date is Thursday, July 6th.
Pacific Coast Oil Trust has decreased its dividend payment by an average of 85.1% per year over the last three years. Pacific Coast Oil Trust has a dividend payout ratio of 183.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Pacific Coast Oil Trust to earn $0.31 per share next year, which means the company may not be able to cover its $0.33 annual dividend with an expected future payout ratio of 106.5%.
Pacific Coast Oil Trust (ROYT) opened at 1.78 on Tuesday. The company has a 50-day moving average of $1.77 and a 200-day moving average of $1.62. The company has a market cap of $68.68 million, a price-to-earnings ratio of 356.00 and a beta of 2.05. Pacific Coast Oil Trust has a one year low of $0.87 and a one year high of $2.23.
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A hedge fund recently raised its stake in Pacific Coast Oil Trust stock. Morgan Stanley boosted its stake in Pacific Coast Oil Trust (NYSE:ROYT) by 65.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,481 shares of the oil and gas producer’s stock after buying an additional 60,147 shares during the period. Morgan Stanley owned approximately 0.39% of Pacific Coast Oil Trust worth $284,000 at the end of the most recent reporting period. 10.14% of the stock is currently owned by institutional investors.
Several analysts have issued reports on ROYT shares. Zacks Investment Research lowered Pacific Coast Oil Trust from a “buy” rating to a “hold” rating in a research note on Saturday, May 27th. Stifel Nicolaus raised Pacific Coast Oil Trust from a “hold” rating to a “buy” rating and set a $2.00 target price for the company in a research note on Wednesday, March 29th. They noted that the move was a valuation call.
About Pacific Coast Oil Trust
Pacific Coast Oil Trust is a statutory trust formed by Pacific Coast Energy Company LP (PCEC). The Trust is engaged in acquiring and holding net profits and royalty interests in certain oil and natural gas properties located in California for the benefit of the Trust unitholders. The Underlying Properties consist of producing and non-producing interests in oil units, wells and lands located onshore in California in the Santa Maria Basin, which contains PCEC’s Orcutt properties, and the Los Angeles Basin, which contains PCEC’s West Pico, East Coyote and Sawtelle properties.
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