BALTIMORE, Oct. 9, 2014 /PRNewswire/ -- Petroleum & Resources Corporation (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