Franco Nevada (NYSE:FNV) (TSE:FNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, January 9th. The brokerage currently has a $88.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.68% from the company’s previous close.
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 analysts also recently issued reports about the company. Royal Bank of Canada restated a “buy” rating and issued a $100.00 price target on shares of Franco Nevada in a research note on Monday, October 23rd. TD Securities set a $96.00 price objective on Franco Nevada and gave the stock a “buy” rating in a report on Friday, December 1st. Credit Suisse Group cut Franco Nevada from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $78.00 to $80.00 in a report on Monday, September 25th. Desjardins reaffirmed a “sell” rating on shares of Franco Nevada in a report on Monday, December 11th. Finally, Scotiabank boosted their price target on Franco Nevada from $82.50 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $85.10.
Franco Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Monday, November 6th. The basic materials company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.03. Franco Nevada had a return on equity of 4.31% and a net margin of 22.12%. The company had revenue of $171.50 million for the quarter, compared to the consensus estimate of $167.07 million. During the same period last year, the business posted $0.30 EPS. The company’s revenue was down .3% on a year-over-year basis. research analysts expect that Franco Nevada will post 1.07 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the business. Advisory Services Network LLC grew its position in Franco Nevada by 199.0% during the second quarter. Advisory Services Network LLC now owns 1,504 shares of the basic materials company’s stock valued at $109,000 after acquiring an additional 1,001 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Franco Nevada by 453.9% in the third quarter. Advisors Asset Management Inc. now owns 1,922 shares of the basic materials company’s stock worth $149,000 after buying an additional 1,575 shares during the period. Gratus Capital LLC purchased a new stake in shares of Franco Nevada in the third quarter worth about $201,000. Wright Investors Service Inc. acquired a new position in shares of Franco Nevada in the third quarter worth about $245,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Franco Nevada in the second quarter worth about $256,000. 61.42% of the stock is owned by hedge funds and other institutional investors.
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Franco Nevada 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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