Pacific Coast Oil Trust (NYSE:ROYT) announced a monthly dividend on Thursday, December 21st, NASDAQ reports. Shareholders 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 annualized dividend and a yield of 14.80%. The ex-dividend date of this dividend is Friday, December 29th. This is a positive change 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% per year 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. 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%.
Shares of Pacific Coast Oil Trust (ROYT) opened at $2.27 on Friday. The stock has a market capitalization of $87.58, a P/E ratio of 28.38 and a beta of 2.17. Pacific Coast Oil Trust has a 52 week low of $1.11 and a 52 week high of $2.35.
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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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