Elemental Altus Royalties (CVE:ELE) Reaches New 1-Year High – Here’s Why

Shares of Elemental Altus Royalties Corp. (CVE:ELE) reached a new 52-week high on Tuesday . The stock traded as high as C$29.99 and last traded at C$29.22, with a volume of 19466 shares. The stock had previously closed at C$27.81.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Canaccord Genuity Group lowered their target price on shares of Elemental Altus Royalties from C$38.00 to C$33.00 in a report on Monday, December 1st. Raymond James Financial lifted their price target on shares of Elemental Altus Royalties from C$27.50 to C$29.00 in a report on Friday, October 10th. Finally, National Bankshares increased their price objective on shares of Elemental Altus Royalties from C$27.50 to C$30.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Strong Buy” and an average target price of C$30.67.

Elemental Altus Royalties Price Performance

The firm has a market cap of C$1.80 billion, a P/E ratio of 140.80 and a beta of 0.40. The company’s 50-day simple moving average is C$22.08 and its 200 day simple moving average is C$14.95.

About Elemental Altus Royalties

Endesa, SA engages in the generation, distribution, and sale of electricity primarily in Spain and Portugal. The company generates electricity from various energy sources, such as hydroelectric, nuclear, thermal, wind, and solar. As of December 31, 2020, its distributed electricity to approximately 21 million populations covering a total area of approximately 195,488 square kilometers. The company distribution and transmission networks comprise 315,365 kilometers. It also sells energy, as well as provides energy related commercial services.