Zacks Investment Research upgraded shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) from a hold rating to a buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $80.00 target price on the basic materials company’s stock.
According to Zacks, “Franco-Nevada Corporation is a gold focused royalty and stream company with additional interests in platinum group metals and other resource assets. The Company’s assets are mostly mineral and oil & gas royalties or streams but also include some working and equity interests, undeveloped properties, options to acquire royalties and other assets. The mineral assets are further characterized by commodity as being in the Gold, PGM or Other Minerals categories and these in turn are further subdivided by their project status as being either, Operating, Advanced or Exploration royalties. Majorities of the Mineral Royalties are characterized as being Gold and the majority of revenues are from gold operations. The Oil & Gas interests are located primarily in the Western Canadian sedimentary basin with a larger amount of revenue generated from conventional oil than from natural gas properties. Franco-Nevada Corporation is headquartered in Toronto, Canada. “
Other equities research analysts also recently issued research reports about the company. Barclays PLC reiterated an equal weight rating and set a $74.00 price target (up previously from $68.00) on shares of Franco-Nevada Corporation in a report on Tuesday, June 6th. Deutsche Bank AG reiterated a hold rating and set a $64.00 price target (down previously from $65.00) on shares of Franco-Nevada Corporation in a report on Sunday, June 25th. ValuEngine upgraded Franco-Nevada Corporation from a sell rating to a hold rating in a report on Friday, June 2nd. BidaskClub upgraded Franco-Nevada Corporation from a buy rating to a strong-buy rating in a report on Tuesday, June 27th. Finally, Raymond James Financial, Inc. reiterated an outperform rating and set a $85.00 price target on shares of Franco-Nevada Corporation in a report on Thursday, June 15th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $77.93.
Shares of Franco-Nevada Corporation (NYSE:FNV) traded up 0.63% during mid-day trading on Wednesday, reaching $71.72. 652,588 shares of the company were exchanged. Franco-Nevada Corporation has a 12 month low of $53.31 and a 12 month high of $81.16. The firm has a market capitalization of $12.96 billion, a PE ratio of 94.24 and a beta of -0.03. The company’s 50 day moving average price is $73.03 and its 200 day moving average price is $66.58.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, May 9th. The basic materials company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.02. Franco-Nevada Corporation had a return on equity of 4.35% and a net margin of 21.17%. The company had revenue of $172.70 million for the quarter, compared to analyst estimates of $158.75 million. During the same period in the prior year, the firm earned $0.17 earnings per share. Equities analysts anticipate that Franco-Nevada Corporation will post $0.98 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 29th. Shareholders of record on Thursday, June 15th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date was Tuesday, June 13th. This is an increase from Franco-Nevada Corporation’s previous quarterly dividend of $0.22. Franco-Nevada Corporation’s dividend payout ratio is 121.05%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hexavest Inc. increased its position in Franco-Nevada Corporation by 50.7% in the second quarter. Hexavest Inc. now owns 1,662 shares of the basic materials company’s stock valued at $120,000 after buying an additional 559 shares during the last quarter. Envestnet Asset Management Inc. increased its position in Franco-Nevada Corporation by 224.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,353 shares of the basic materials company’s stock valued at $199,000 after buying an additional 2,320 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new position in Franco-Nevada Corporation during the first quarter valued at $201,000. Schroder Investment Management Group purchased a new position in Franco-Nevada Corporation during the first quarter valued at $222,000. Finally, Gluskin Sheff & Assoc Inc. purchased a new position in Franco-Nevada Corporation during the first quarter valued at $225,000. Hedge funds and other institutional investors own 62.92% of the company’s stock.
About Franco-Nevada Corporation
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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