Pacific Coast Oil Trust: Regulatory Fears Unfounded, While Units Yield 15% And Sell At A Discount
Reactive Event Driven Investors • 115 Comments
Reactive Event Driven Investors • 115 Comments
Thu, May 26, 2:00 PM
Mon, Apr. 4, 5:31 PM
- Pacific Coast Oil Trust (NYSE:ROYT) says it regained compliance with NYSE's continued listing requirements including a minimum trading price.
- ROYT was notified by the NYSE on Feb. 25 that it was not in compliance with the continued listing standard, which requires a minimum average closing price of $1/share over a consecutive 30-day trading period.
- ROYT also stopped paying cash distributions to unitholders in February.
Thu, Feb. 25, 6:19 PM
- Pacific Coast Oil Trust (NYSE:ROYT) says there will be no cash distribution to unitholders for March.
- ROYT says there were no net profits from its developed properties this month, as operating expenses and capital expenditures exceeded revenues by $600K.
- ROYT also says it received notice from the NYSE that it was not in compliance with the continued listing standard, which requires a $1 or higher average closing price over a consecutive 30-day trading period.
Mon, Jan. 25, 6:59 PM
- Pacific Coast Oil Trust (NYSE:ROYT) -4.5% AH after announcing there will be no cash distribution to unitholders for February.
- ROYT says administrative expenses and the PCEC operating and services fee exceed net profits for the developed properties and the 7.5% overriding royalty on the remaining properties from Orcutt field and Orcutt Diatomite.
- ROYT says distributions likely will continue to be "significantly impacted" amid continually weak oil and gas prices.
Oct. 23, 2015, 11:59 AM
- Pacific Coast Oil Trust (NYSE:ROYT) declares $0.0075/share monthly dividend.
- Forward yield 4.27%
- Payable Nov. 16; for shareholders of record Nov. 4; ex-div Nov. 2.
Aug. 26, 2015, 9:32 AM
- Pacific Coast Oil Trust (NYSE:ROYT) declares $0.0228/share monthly dividend, -40.6% decrease from prior dividend of $0.0384.
- Forward yield 11.69%
- Payable Sept. 15; for shareholders of record Sept. 4; ex-div Sept. 2.
Feb. 25, 2015, 9:52 AM
- Pacific Coast Oil Trust (ROYT -8.3%) opens sharply lower after announcing a lower March cash distribution of $200K, 81% lower than the previous month, citing lower average realized oil prices.
- ROYT says average realized prices for its developed and remaining properties were $38.84/boe, compared with $49.77/boe in December, or 22% lower.
Feb. 4, 2015, 2:44 PM
- Barclays warns that MLPs focused on exploration and production, pressured by high debt levels and weak operating margins, could cut distributions as well as capital spending, with particular concern for oil and gas royalty trusts.
- The firm revises its estimates to reflect lower oil price assumptions in 2015-16, cutting ratings on Enduro Royalty Trust (NYSE:NDRO), Pacific Coast Oil Trust (NYSE:ROYT) and Vanguard Natural Resources (NASDAQ:VNR) to Equal Weight from Overweight; it reinstates Legacy Reserves (NASDAQ:LGCY) at Equal Weight, and reiterates Breitburn Energy (NASDAQ:BBEP), Linn Energy (NASDAQ:LINE), and Memorial Production Partners (NASDAQ:MEMP) at Equal Weight and Viper Energy Partners (NASDAQ:VNOM) at Overweight.
- Barclays notes that average yields for BBEP, LGCY, LINE, MEMP, and VNR have generally ranged from 9%-11% for most of the past five years but are now 14% based on the latest annualized distributions; based on lower oil prices, its distributable cash flow estimates imply average yields of 8%-9% in 2016.
Dec. 24, 2014, 1:53 PM
- Pacific Coast Oil Trust (NYSE:ROYT) fell to a new record low today after cutting its January cash distribution by 28% from the previous month's payout, the sixth month in a row ROYT has reduced the amount it pays to unitholders.
- The $2M January distribution works out to $0.05256/unit, and follows a 17% cut in the December distribution; the distribution has now dropped nearly 65% since July's $5.7M payout, largely following the price of crude oil lower.
- ROYT has now fallen 56% YTD.
Nov. 5, 2014, 9:16 AM
- Gainers: CRTO +19%. JIVE +17%. YOD +16%. TTPH +12%. IBIO +11%. AEZS +9%. EXEL +8%. CLNY +7%. ANR +7%. ROYT +7%. EOG +6%. PHMD +6%. NICE +6%. VPCO +6%. ATVI +5%. VG +5%. CTSH +5%. WLT +5%. MACK +5%.
- Losers: CHUY -24%. NUS -22%. FEYE -16%. ZU -14%. TRIP -13%. SSYS -8%. MEMP -7%. NG -6%. ANV -6%. ARIA -6%. AWAY -6%.
Aug. 12, 2014, 3:58 PM
- Pacific Coast Oil Trust (ROYT -1.3%) is upgraded to Buy from Hold with a $10.25 price target at Stifel, which believes the current valuation following recent price volatility provides an attractive risk/reward return for investors.
- The firm notes, however, that it does not anticipate the trust's distributions to be materially impacted in the near term due to the voter results and, in turn, the current valuation provides a one-year total return potential of ~10%.
Jun. 10, 2014, 9:13 AM
Jun. 9, 2014, 5:18 PM
- Pacific Coast Oil Trust (ROYT) -4.2% AH after announcing a secondary offering of ~2.65M trust units by selling unitholders.
- ROYT will receive no proceeds from the offering.
Sep. 19, 2013, 12:45 PM
Sep. 19, 2013, 9:13 AM
Sep. 18, 2013, 4:34 PM
- Pacific Coast Oil Trust (ROYT) -5.8% AH after announcing a public offering of 13.5M trust units by parent Pacific Coast Energy and other selling unitholders.
- PCEC plans to use the net proceeds from the sale of its trust units to pay down debt; the trust will not sell any trust units and will not receive any proceeds.
Pacific Coast Oil Trust owns net profit interests in the underlying properties, which consist of producing and non-producing interests in oil units, wells and lands located onshore in California in the Santa Maria Basin that contains Pacific Coast Energy Co. LP's Orcutt properties, and the Los... More
Industry: Asset Management
Country: United States
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