Pacific Coast Oil Trust (NYSE:ROYT) Declares Monthly Dividend of $0.00
Pacific Coast Oil Trust (NYSE:ROYT) announced a monthly dividend on Monday, July 31st, Wall Street Journal reports. Stockholders of record on Monday, August 7th will be given a dividend of 0.0027 per share by the oil and gas producer on Thursday, August 17th. This represents a $0.03 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, August 3rd.
Pacific Coast Oil Trust has decreased its dividend by an average of 85.1% annually over the last three years. Pacific Coast Oil Trust has a payout ratio of 275.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Pacific Coast Oil Trust to earn $0.28 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 117.9%.
Pacific Coast Oil Trust (NYSE:ROYT) traded down 1.75% during midday trading on Monday, hitting $1.68. 125,413 shares of the stock were exchanged. Pacific Coast Oil Trust has a 52 week low of $0.87 and a 52 week high of $2.23. The firm’s 50-day moving average is $1.66 and its 200 day moving average is $1.70. The stock has a market cap of $64.82 million, a price-to-earnings ratio of 336.00 and a beta of 2.05.
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ROYT has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Pacific Coast Oil Trust from a “buy” rating to a “hold” rating in a report on Saturday, May 27th. Stifel Nicolaus cut shares of Pacific Coast Oil Trust from a “buy” rating to a “hold” rating and reduced their target price for the stock from $2.00 to $1.50 in a report on Thursday, July 13th.
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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