UPDATE: Citigroup Reduces PT to $19 on Pacific Coast Oil Trust on Price Realization

Citigroup reiterated its Neutral rating on Pacific Coast Oil Trust

and reduced its price target from $19.50 to $19. Citigroup commented, "The change to our target price primarily reflects the adjustment to our assumption for commodity price realizations. Our target price assumes applying an 11.0x P/DCF multiple to our next twelve months distributable cash flow forecast of $67.5 million (i.e. 4Q12 to 3Q13). Our target multiple for Pacific Coast Oil Trust is essentially in-line with the historical average for the select peer group (i.e. CRT, HGT, PBT, SBR, SJT, and NDRO)." Pacific Coast Oil Trust closed at $18.41 on Friday.