Franco-Nevada Corporation (FNV) Stock Rating Upgraded by Zacks Investment Research
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. They currently have $80.00 price target 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. “
FNV has been the subject of a number of other reports. Credit Suisse Group set a $79.00 price target on Franco-Nevada Corporation and gave the company a buy rating in a research report on Saturday, March 25th. Barclays PLC reaffirmed an equal weight rating and set a $74.00 price target (up from $68.00) on shares of Franco-Nevada Corporation in a research report on Tuesday, June 6th. BidaskClub raised Franco-Nevada Corporation from a buy rating to a strong-buy rating in a research report on Tuesday, June 27th. Raymond James Financial, Inc. reaffirmed an outperform rating and set a $85.00 price target on shares of Franco-Nevada Corporation in a research report on Thursday, June 15th. Finally, TD Securities reaffirmed a buy rating on shares of Franco-Nevada Corporation in a research report on Wednesday, May 10th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Franco-Nevada Corporation currently has a consensus rating of Buy and a consensus target price of $77.93.
Franco-Nevada Corporation (NYSE FNV) opened at 71.72 on Wednesday. The stock’s 50 day moving average price is $73.03 and its 200 day moving average price is $66.58. The company has a market capitalization of $12.96 billion, a P/E ratio of 94.24 and a beta of -0.03. Franco-Nevada Corporation has a 52 week low of $53.31 and a 52 week high of $81.16.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, May 9th. The basic materials company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.23 by $0.02. The firm had revenue of $172.70 million during the quarter, compared to the consensus estimate of $158.75 million. Franco-Nevada Corporation had a return on equity of 4.35% and a net margin of 21.17%. During the same period in the prior year, the business posted $0.17 earnings per share. Analysts anticipate that Franco-Nevada Corporation will post $0.98 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 29th. Shareholders of record on Thursday, June 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.28%. This is a positive change from Franco-Nevada Corporation’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, June 13th. Franco-Nevada Corporation’s dividend payout ratio is 121.05%.
A number of institutional investors have recently made changes to their positions in the stock. Shell Asset Management Co. raised its position in shares of Franco-Nevada Corporation by 9.7% in the first quarter. Shell Asset Management Co. now owns 152,459 shares of the basic materials company’s stock valued at $13,282,000 after buying an additional 13,513 shares during the period. Korea Investment CORP purchased a new position in shares of Franco-Nevada Corporation during the first quarter valued at $720,000. Barometer Capital Management Inc. purchased a new position in shares of Franco-Nevada Corporation during the first quarter valued at $459,000. Palisade Capital Management LLC NJ raised its position in shares of Franco-Nevada Corporation by 4.9% in the first quarter. Palisade Capital Management LLC NJ now owns 117,017 shares of the basic materials company’s stock valued at $7,666,000 after buying an additional 5,496 shares during the period. Finally, CGOV Asset Management raised its position in shares of Franco-Nevada Corporation by 4.0% in the first quarter. CGOV Asset Management now owns 41,400 shares of the basic materials company’s stock valued at $3,613,000 after buying an additional 1,600 shares during the period. 62.92% of the stock is owned by institutional investors and hedge funds.
Franco-Nevada Corporation Company Profile
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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