Overview
Petroleum & Resources Corporation is a publicly-traded equity investment fund for investors who seek a broadly diversified exposure to the energy and natural resources sector in a conservatively-managed fund. The Corporation has been trading on the New York Stock Exchange since January 1929.
The portfolio is managed with the expectation that it will generate returns that compare favorably to the returns of the fund's benchmarks. Investments are made with an eye towards protecting your original investment and generating dividends and capital gains that can be used as a source of income or reinvested to increase your holdings in the Corporation.
The Corporation
- A closed-end equity investment company emphasizing energy and natural resources stocks
- Internally-managed
- Low turnover
Stock Data (12/31/11)
| NYSE Symbol | PEO |
| Market Price | $24.48 |
| 52-Week Range | $20.84-$31.47 |
| Discount | 14.4% |
| Shares Outstanding | 25,641,018 |
Summary Financial Information (unaudited)
|
|
2011 |
2010 |
| At December 31: | ||
| Net asset value per share |
$28.58 |
$30.73 |
| Total net assets |
$732,810,692 |
$761,735,503 |
| Unrealized appreciation |
$302,253,570 |
$352,104,389 |
| For the year ended December 31: | ||
| Net investment income |
$10,208,955 |
$8,486,334 |
| Net realized gain |
$39,332,517 |
$22,810,200 |
| Total return (based on market price) |
(2.3)% |
19.6% |
| Total return (based on net asset value) |
0.3% |
20.8% |
| Key ratios: | ||
| Net investment income to average net assets |
1.29% |
1.32% |
| Expenses to average net assets |
0.56% |
0.64% |
| Portfolio turnover |
16.4% |
16.8% |
| Net cash & short-term investments to net assets |
0.0% |
3.8% |
| Annual distribution rate |
7.1% |
5.5% |
Ten Largest Equity Portfolio Holdings (12/31/11)
|
Market Value |
% of Net Assets |
|
| Exxon Mobil Corp. |
$115,140,527 |
15.7 |
| Chevron Corp. |
100,016,000 |
13.6 |
| Schlumberger Ltd. |
39,278,250 |
5.4 |
| Occidental Petroleum Corp. |
30,452,500 |
4.1 |
| ConocoPhillips |
25,504,500 |
3.5 |
| Noble Energy, Inc. |
21,237,750 |
2.9 |
| Anadarko Petroleum Corp. |
20,990,750 |
2.9 |
| Royal Dutch Shell plc (Class A) ADR |
19,499,169 |
2.7 |
| Freeport-McMoRan Copper & Gold Inc. |
18,946,850 |
2.6 |
| National Oilwell Varco, Inc. |
16,997,500 |
2.3 |
| Total |
$408,063,796 |
55.7% |
Five Year Distribution History
| Year |
Income |
Short-Term Capital Gains per Share |
Long-Term Capital Gains per Share |
Total Distributions per Share |
Dividend Yield * |
Annual Distribution Rate ** |
| 2007 |
$0.49 |
$0.04 |
$3.78 |
$4.31 |
1.3% |
11.6% |
| 2008 |
0.38 |
0.04 |
2.57 |
2.99 |
1.1% |
8.9% |
| 2009 |
0.37 |
0.14 |
0.89 |
1.40 |
1.7% |
6.6% |
| 2010 |
0.32 |
0.19 |
0.76 |
1.27 |
1.4% |
5.5% |
| 2011 |
0.39 |
0.02 |
1.56 |
1.97 |
1.4% |
7.1% |
|
Average: |
1.4% |
7.9% |
* The dividend yield is the total income dividends during the year divided by the average month-end market price of the Corporation's Common Stock for the year.
** The annual distribution rate is the total income dividends and capital gain distributions during the year divided by the average month-end market price of the Corporation's Common Stock for the year.
