Franco-Nevada Corp. (FNV) Upgraded by Zacks Investment Research to Buy
Franco-Nevada Corp. (NYSE:FNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $72.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.52% 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. “
FNV has been the subject of several other reports. Deutsche Bank AG reaffirmed a “sell” rating on shares of Franco-Nevada Corp. in a research report on Wednesday, July 20th. Vetr raised shares of Franco-Nevada Corp. from a “strong sell” rating to a “sell” rating and set a $62.44 price objective for the company in a research report on Wednesday, June 22nd. Barclays PLC increased their price objective on shares of Franco-Nevada Corp. from $65.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, August 8th. HSBC reissued a “buy” rating on shares of Franco-Nevada Corp. in a research report on Thursday, July 7th. Finally, Bank of America Corp. started coverage on shares of Franco-Nevada Corp. in a research report on Tuesday, August 9th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. Franco-Nevada Corp. currently has an average rating of “Hold” and an average price target of $70.43.
Franco-Nevada Corp. (NYSE:FNV) traded down 6.30% during trading on Tuesday, hitting $64.56. 1,346,658 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $72.74 and its 200 day moving average price is $70.70. The firm has a market cap of $11.50 billion, a price-to-earnings ratio of 191.01 and a beta of 0.18. Franco-Nevada Corp. has a 12-month low of $41.47 and a 12-month high of $81.16.
Franco-Nevada Corp. (NYSE:FNV) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.03. The firm earned $150.90 million during the quarter, compared to analyst estimates of $149.36 million. Franco-Nevada Corp. had a net margin of 11.05% and a return on equity of 3.02%. Franco-Nevada Corp.’s revenue was up 37.9% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS. Equities analysts forecast that Franco-Nevada Corp. will post $0.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were paid a $0.22 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.88 dividend on an annualized basis and a yield of 1.36%. Franco-Nevada Corp.’s dividend payout ratio is currently 275.00%.
A number of large investors have recently added to or reduced their stakes in FNV. Van ECK Associates Corp boosted its stake in shares of Franco-Nevada Corp. by 24.7% in the second quarter. Van ECK Associates Corp now owns 7,831,846 shares of the company’s stock valued at $595,690,000 after buying an additional 1,550,588 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Franco-Nevada Corp. by 147.9% in the first quarter. 1832 Asset Management L.P. now owns 1,840,010 shares of the company’s stock valued at $188,953,000 after buying an additional 1,097,840 shares during the period. Wellington Management Group LLP boosted its stake in shares of Franco-Nevada Corp. by 1,114.7% in the first quarter. Wellington Management Group LLP now owns 650,463 shares of the company’s stock valued at $39,974,000 after buying an additional 596,914 shares during the period. PCJ Investment Counsel Ltd. boosted its stake in shares of Franco-Nevada Corp. by 10,136.3% in the first quarter. PCJ Investment Counsel Ltd. now owns 578,350 shares of the company’s stock valued at $35,664,000 after buying an additional 572,700 shares during the period. Finally, Prudential PLC boosted its stake in shares of Franco-Nevada Corp. by 45.5% in the first quarter. Prudential PLC now owns 1,806,912 shares of the company’s stock valued at $110,908,000 after buying an additional 565,310 shares during the period. 64.49% of the stock is currently owned by hedge funds and other institutional investors.
About Franco-Nevada Corp.
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.
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