UPDATE: Barclays Starts Pacific Coast Oil Trust (ROYT) at Overweight; Long-lived Oil Exposure

(Updated - June 12, 2012 4:29 PM EDT)

Barclays initiates coverage on Pacific Coast Oil Trust (NYSE: ROYT) with an Overweight. PT $22.00.

Analyst, Jeffrey W. Robertson, said, "ROYT is a perpetual royalty trust with a long-lived, oil-focused asset base in California's Santa Maria and Los Angeles Basins...Hedges protect about 70% of forecasted production net to the trust through 1Q14 at $115/bbl Brent...ROYT pays monthly cash distributions from the 80% net profits interest owned on its developed properties and either a 7.5% overriding royalty interest or 25% net profits interest on the remaining properties."

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.

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