Pacific Coast Oil Trust (ROYT -5.41%) has increased its monthly distribution payment from $0.15462 per unit to $0.16990, payable Sept. 16 to shareholders of record as of Sept. 6.
The 9.9% increase marks the largest payout the oil company has paid its investors during at least the past 12 months. In a statement, the company said the new payout is due to higher production and higher average oil prices. Production was approximately 4% higher than the previous month, primarily reflecting one additional day of production. The upcoming payout is based on July production.
Annualized, Pacific Coast's latest distribution adds up to $2.0388 per share. As of the market's close on Aug. 26, the company's stock was trading at $17.86 , which means its current dividend yield is approximately 11.4%.
