Zacks Investment Research Upgrades Royal Gold Inc. (RGLD) to Buy
Royal Gold Inc. (NASDAQ:RGLD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $85.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 11.15% from the stock’s previous close.
According to Zacks, “Royal Gold, Inc. is engaged in the acquisition and management of precious metals royalties. They seek to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. They also explore and develop properties thought to contain precious metals and seek to obtain royalty and other carried ownership interests in these properties through the subsequent transfer of operating interests to other mining companies. “
A number of other equities research analysts also recently weighed in on the stock. Barclays PLC boosted their price objective on shares of Royal Gold from $62.00 to $99.00 and gave the company an “overweight” rating in a research report on Monday, August 8th. FBR & Co boosted their price objective on shares of Royal Gold from $71.00 to $78.00 and gave the company a “mkt perform” rating in a research report on Wednesday, July 20th. RBC Capital Markets restated an “outperform” rating on shares of Royal Gold in a research report on Tuesday, September 20th. Finally, CIBC upgraded shares of Royal Gold from a “sector perform” rating to a “sector outperform” rating and set a $90.00 target price for the company in a research report on Friday, November 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $74.67.
Royal Gold (NASDAQ:RGLD) opened at 76.47 on Tuesday. The stock’s 50 day moving average is $71.84 and its 200-day moving average is $71.59. Royal Gold has a 52 week low of $24.68 and a 52 week high of $87.74. The stock’s market capitalization is $4.99 billion.
Royal Gold (NASDAQ:RGLD) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. Royal Gold had a negative net margin of 0.57% and a positive return on equity of 3.65%. The business earned $117.90 million during the quarter, compared to the consensus estimate of $2.40 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The company’s revenue for the quarter was up 59.1% compared to the same quarter last year. Equities research analysts forecast that Royal Gold will post $1.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend was Wednesday, September 28th. Royal Gold’s dividend payout ratio is presently -3,066.67%.
A number of hedge funds have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC raised its stake in Royal Gold by 101.6% in the second quarter. Riverhead Capital Management LLC now owns 25,355 shares of the company’s stock valued at $119,000 after buying an additional 12,777 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Royal Gold by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,669 shares of the company’s stock valued at $120,000 after buying an additional 208 shares in the last quarter. Bellwether Investment Group LLC acquired a new stake in Royal Gold during the second quarter valued at approximately $139,000. Sei Investments Co. raised its stake in Royal Gold by 34.4% in the third quarter. Sei Investments Co. now owns 1,829 shares of the company’s stock valued at $142,000 after buying an additional 468 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in Royal Gold by 199,100.0% in the second quarter. Meeder Asset Management Inc. now owns 1,992 shares of the company’s stock valued at $144,000 after buying an additional 1,991 shares in the last quarter. 68.90% of the stock is owned by institutional investors and hedge funds.
About Royal Gold
Royal Gold, Inc, together with its subsidiaries, is engaged in acquiring and managing precious metal streams, royalties and similar interests. The Company operates through two segments: Acquisition and Management of Stream Interests, and Acquisition and Management of Royalty Interests. Its assets are located in Canada, Chile, Dominican Republic, Mexico, the United States, Africa, Australia and Other.
Receive News & Stock Ratings for Royal Gold Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Gold Inc. and related stocks with our FREE daily email newsletter.