UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Pacific Coast Oil Trust

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Pacific Coast Oil Trust

, and raised its price target from $17.00 to $19.00. J.P. Morgan noted, “We rate ROYT Neutral with a Dec 2012 $19/unit price target. ROYT owns net profit interests in mature oil properties in the Santa Maria and Los Angeles basins of California. Approximately 97% of the assets are oily and 84% are proved developed, leading to a high producing, low decline, mature asset base. Due to the location of the producing assets, ROYT's California crude production receives Brent pricing, which currently trades at a premium to WTI. Additionally, the trust has hedged 60% of production through 1Q14 at $115/bbl. However, at current levels, we view ROYT as fairly valued according to our discounted cash flow model.” Pacific Coast Oil Trust closed on Friday at $18.80.