At A Glance and Top Ten Holdings

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Overview

Petroleum & Resources Corporation (NYSE:PEO) is a publicly-traded equity fund for investors who seek a broadly-diversified exposure to the energy and natural resources sector in a conservatively-managed fund.  The Fund has traded on the New York Stock Exchange since January 1929.

The portfolio is managed with a careful attention to risk management 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 Fund.

The Fund has committed to distribute annually to shareholders at least 6% of the Fund’s trailing 12-month average month-end market price. This means Petroleum & Resources shareholders can count on receiving distributions at a 6% annual distribution rate, or more, for the foreseeable future in both up and down markets.  Petroleum & Resources has paid dividends every year for over 80 years. For more information, please click on annual minimum 6% distribution rate.

The Fund

  • A closed-end equity fund specializing in energy and natural resources stocks
  • Internally-managed
  • Annual distribution rate of at least 6%

  
Stock Data (3/31/14)

NYSE Symbol PEO
Market Price $27.92
52-Week Range $24.11-$29.00
NAV per Share $32.91
Discount 15.2%
Shares Outstanding 26,728,828

  

Summary Financial Information (unaudited)

2014

2013

At March 31:    
Net asset value per share

$32.91

$29.94

Total net assets

$879,687,463

$789,062,905

Unrealized appreciation on investments

$398,697,899

$336,786,236

     
For the three months ended March 31:    
Net investment income

$3,032,158

$2,304,333

Net realized gain

$20,826,975

$3,511,889

Cost of shares repurchased

$1,454,325

$--

Shares repurchased

53,800

--

Total return on market price

2.4%

9.0%

Total return on net asset value

2.4%

8.0%

     
Key ratios:    
Net investment income to average net assets (annualized)

1.42%

1.20%

Expenses to average net assets (annualized)

0.68%

0.88%

Portfolio turnover (annualized)

27.9%

23.1%

Net cash & short-term investments to net assets

0.6%

0.7%

   

Ten Largest Equity Portfolio Holdings (3/31/14)

Market Value

% of Net Assets

Exxon Mobil Corp.

$137,575,442

15.6

Chevron Corp.

90,752,112

10.3

Schlumberger Ltd.

54,600,000

6.2

Occidental Petroleum Corp.

38,592,450

4.4

EOG Resources, Inc.

37,076,130

4.2

Halliburton Co.

35,974,134

4.1

Phillips 66

33,234,052

3.8

LyondellBasell Industries N.V. (Class A)

31,484,760

3.6

Dow Chemical Co.

26,603,025

3.0

Noble Energy, Inc.

26,533,440

3.0

Total

$512,425,545

58.2%

Five Year Distribution History

Income
Dividends
per Share
Short-Term
Capital Gains
per Share
Long-Term
Capital Gains
per Share
Total
Distributions
per Share
Annual
Distribution
Rate
*
2009 $0.37

$0.14

$0.89

$1.40

6.6%

2010

0.32

0.19

0.76

1.27

5.5%

2011

0.39

0.02

1.56 

1.97

7.1%

2012

0.42

0.01

1.17

1.60

6.4%

2013

0.46

0.11

1.31

1.88

7.2%

* The annual distribution rate is the total dividends and capital gain distributions per share divided by the average month-end market price of the Fund's Common Stock.  For the years prior to 2012, the average month-end market price is determined for the calendar year.  For 2012 and later, the average month-end market price is determined for the twelve months ended October 31, which is consistent with the calculation used for the annual 6% minimum distribution rate commitment adopted in September 2012. 

At A Glance and Top Ten Holdings

Stock and Distribution

Nav & Stock Price PER SHARE
Net Asset Value: $33.76
Closing Price: $28.49
Discount: -15.6%

This is the closing price from the NYSE on 04/16/2014

annual DISTRIBUTION Rate
2013 7.2%

*The annual distribution rate is the total dividends and capital gain distributions divided by the average month-end market price of the Fund's Common Stock for the twelve months ended October 31.

As of September 13, 2012, the Fund committed to an annual distribution rate of at least 6%.