Pacific Coast Oil Trust (ROYT) to Issue Dividend Increase – $0.04 Per Share
Pacific Coast Oil Trust (NYSE:ROYT) declared a monthly dividend on Wednesday, February 28th, Zacks reports. Stockholders of record on Monday, March 12th will be paid a dividend of 0.04 per share by the oil and gas producer on Monday, March 26th. This represents a $0.48 annualized dividend and a dividend yield of 20.87%. The ex-dividend date is Friday, March 9th. 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 dividend 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 $0.16 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 206.3%.
Pacific Coast Oil Trust (NYSE ROYT) opened at $2.30 on Friday. The firm has a market cap of $88.74, a PE ratio of 28.75 and a beta of 2.22. Pacific Coast Oil Trust has a 1-year low of $1.36 and a 1-year high of $2.75.
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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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