Pacific Coast Oil Trust (NYSE:ROYT) announced a monthly dividend on Thursday, December 21st, NASDAQ reports. Stockholders of record on Tuesday, January 2nd will be paid a dividend of 0.028 per share by the oil and gas producer on Tuesday, January 16th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 14.80%. The ex-dividend date is Friday, December 29th. This is a boost from Pacific Coast Oil Trust’s previous monthly dividend of $0.02.
Pacific Coast Oil Trust has decreased its dividend by an average of 56.8% annually over the last three years. Pacific Coast Oil Trust has a payout ratio of 173.7% 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 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%.
Shares of Pacific Coast Oil Trust (NYSE ROYT) opened at $2.27 on Friday. Pacific Coast Oil Trust has a 12 month low of $1.11 and a 12 month high of $2.35. The stock has a market cap of $87.58, a price-to-earnings ratio of 28.38 and a beta of 2.17.
Separately, Stifel Nicolaus reiterated a “hold” rating and set a $1.50 price target on shares of Pacific Coast Oil Trust in a report on Sunday, October 1st.
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Pacific Coast Oil Trust Company Profile
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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