Scully Royalty (NYSE:SRL) Shares Cross Below 50-Day Moving Average – Here’s Why

Scully Royalty Ltd. (NYSE:SRL) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $6.73 and traded as low as $6.1250. Scully Royalty shares last traded at $6.1250, with a volume of 0 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Scully Royalty to a “hold” rating in a report on Saturday, March 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Scully Royalty in a report on Friday, May 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Scully Royalty Stock Down 0.1%

The business’s fifty day moving average is $6.73 and its 200-day moving average is $7.45.

Hedge Funds Weigh In On Scully Royalty

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC purchased a new position in shares of Scully Royalty in the fourth quarter worth approximately $249,000. Renaissance Technologies LLC boosted its holdings in shares of Scully Royalty by 41.0% in the first quarter. Renaissance Technologies LLC now owns 68,114 shares of the financial services provider’s stock worth $533,000 after buying an additional 19,800 shares during the last quarter. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in shares of Scully Royalty in the third quarter worth approximately $86,000. Hedge funds and other institutional investors own 41.96% of the company’s stock.

Scully Royalty Company Profile

Scully Royalty Ltd. is a mineral royalty company that acquires, owns and manages a diversified portfolio of oil and gas royalty and overriding royalty interests in key onshore producing regions of the United States. As a royalty owner, the company receives a percentage of production revenue from its assets without assuming the operational and capital expenditure burdens associated with exploration and development.

The company’s portfolio spans multiple established hydrocarbon basins, including conventional and unconventional plays.