Zacks Investment Research Lowers Pacific Coast Oil Trust (NYSE:ROYT) to Sell

Zacks Investment Research downgraded shares of Pacific Coast Oil Trust (NYSE:ROYT) from a hold rating to a sell rating in a research report released on Wednesday, January 17th.

According to Zacks, “Pacific Coast Oil Trust is formed to own interests in properties held by Pacific Coast Energy Company LP which are located in California in the Santa Maria and Los Angeles Basins. Pacific Coast Oil Trust is based in Austin, Texas. “

Separately, Stifel Nicolaus reissued a hold rating and issued a $1.50 price objective on shares of Pacific Coast Oil Trust in a research note on Sunday, October 1st.

Shares of Pacific Coast Oil Trust (ROYT) traded up $0.06 during trading hours on Wednesday, reaching $2.09. 129,020 shares of the company traded hands, compared to its average volume of 278,256. The company has a market cap of $78.32, a P/E ratio of 26.13 and a beta of 2.30. Pacific Coast Oil Trust has a fifty-two week low of $1.36 and a fifty-two week high of $2.75.

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, February 20th. Investors of record on Monday, February 5th will be paid a $0.0164 dividend. This represents a $0.20 annualized dividend and a yield of 9.39%. The ex-dividend date is Friday, February 2nd. Pacific Coast Oil Trust’s payout ratio is 250.03%.

A hedge fund recently bought a new stake in Pacific Coast Oil Trust stock. Evergreen Capital Management LLC purchased a new stake in shares of Pacific Coast Oil Trust (NYSE:ROYT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,737,323 shares of the oil and gas producer’s stock, valued at approximately $5,905,000. Evergreen Capital Management LLC owned about 9.69% of Pacific Coast Oil Trust as of its most recent filing with the Securities & Exchange Commission. 16.45% of the stock is currently owned by institutional investors and hedge funds.

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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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