Wells Fargo Starts Pacific Coast Oil Trust (ROYT) at Outperform; High-Quality Asset Base

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Wells Fargo initiates coverage on Pacific Coast Oil Trust (NYSE: ROYT) with an Outperform. PT range $21-23.

Analyst, Gordon Douthat, said, "ROYT is a perpetual trust that provides investors with oil exposure across a high-quality asset base in premium-priced California markets. Hedges protect near-term distributions, while longer-term growth will likely be driven by Diatomite development. At current levels, the units offer an attractive opportunity, according to our discounted cash flow model, which indicates 20% potential upside...Our EPU estimate for 2012 is $1.44 and our 2013 EPU estimate is $2.02."

For an analyst ratings summary and ratings history on Pacific Coast Oil Trust click here. For more ratings news on Pacific Coast Oil Trust click here.

Shares of Pacific Coast Oil Trust closed at $18.04 yesterday, with a 52 week range of $15.75-$20.35.

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