BALTIMORE, Oct. 9, 2014 /PRNewswire/ -- Petroleum & Resources Corporation (NYSE:PEO) today announced its results for the nine months ended September 30, 2014. The Fund's total return on net asset value, with dividends and capital gains reinvested, was 6.1%, significantly outperforming its Lipper peer group. The comparable figure for the Lipper Global Natural Resources Funds Index ("Lipper Peer Group") was 0.8%. The total return on the Fund's market price was 6.3%.
For the twelve months ended September 30, 2014, the total return on the Fund's net asset value, with dividends and capital gains reinvested, was 13.5%, also handily outperforming the Lipper Peer Group, which returned 4.1%. The total return on the Fund's market price was 13.9%.
Net Asset Value
The Fund's net asset value at September 30, 2014, compared with the year earlier, was:
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9/30/14
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9/30/13
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Net assets
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$902,617,273
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$834,456,154
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Shares outstanding
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26,652,593
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26,125,310
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Net asset value per share
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$33.87
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$31.94
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During the period, the Fund repurchased 135,000 shares of its common stock at an average price of $28.65 and a weighted average discount to net asset value of 15.0%, resulting in a $0.03 increase to NAV per share.
The Fund realized a net capital gain of $1.34 per share from the securities transactions that it conducted during the period.
Petroleum & Resources has committed to pay out distributions to its shareholders at an annual 6% minimum distribution rate, based on the trailing 12-month average market price. Details regarding the annual 6% minimum distribution rate can be found at www.peteres.com.
The Third Quarter Report is expected to be released on or about October 17, 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 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
SOURCE Petroleum & Resources Corporation