BALTIMORE, April 10, 2014 /PRNewswire/ -- The Board of Directors of Petroleum & Resources (NYSE: PEO) today declared an interim dividend of $0.10 per share, payable June 2, 2014, to shareholders of record May 14, 2014. This dividend represents the second payment this year toward the Fund's annual 6% minimum distribution rate commitment. In 2013, the Fund paid out distributions at an annual distribution rate of 7.2%. Details regarding the Fund's annual 6% minimum distribution rate commitment can be found at www.peteres.com.
The Fund also announced its performance for the first quarter.
First Quarter Performance
For the three months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 2.4%. The comparable figure for the Lipper Global Natural Resources Funds Index (Lipper Peer Group) was 3.0%. The total return on Petroleum & Resources' market price was 2.4%.
For the twelve months ended March 31st, the total return on Petroleum & Resources' net asset value, with dividends and capital gains reinvested, was 17.8%. The comparable figure for the Lipper Peer Group was 12.2%. The total return on Petroleum & Resources' market price was 15.2%.
The Fund's net asset value at March 31, 2014, compared with the year earlier, was:
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Net Asset Value
|
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3/31/14
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3/31/13
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Net assets
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$879,687,463
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$789,062,905
|
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Shares outstanding
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26,728,828
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26,354,271
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Net asset value per share
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$32.91
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$29.94
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The Fund repurchased 53,800 shares of its common stock during the first quarter at an average price per share of $27.03 and a weighted average discount to net asset value of 15.1%.
The Fund realized a net capital gain of $0.78 per share from the securities transactions that it conducted during the quarter.
The First Quarter Report to Shareholders is expected to be released on or about April 21, 2014.
Petroleum & Resources Corporation is a Baltimore-based closed-end fund that has been operating as an investment company since 1929. Its stock trades on the New York Stock Exchange under the ticker symbol PEO.
For further information, please contact:
Lawrence L. Hooper, Jr.,
Vice President, General Counsel and Secretary
410-752-5900 or 800-638-2479
E. Mail: contact@peteres.com
Website: www.peteres.com
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SOURCE Petroleum & Resources