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Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $83.00 target price on the basic materials company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.82% from the stock’s current price.
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. “
A number of other brokerages have also weighed in on FNV. BidaskClub lowered Franco-Nevada Corporation from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Barclays PLC dropped their price objective on Franco-Nevada Corporation from $74.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, July 13th. TD Securities reaffirmed a “buy” rating on shares of Franco-Nevada Corporation in a report on Wednesday, May 10th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Franco-Nevada Corporation in a report on Thursday, June 15th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $64.00 price objective (down previously from $65.00) on shares of Franco-Nevada Corporation in a report on Sunday, June 25th. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Franco-Nevada Corporation presently has an average rating of “Buy” and an average price target of $78.01.
Shares of Franco-Nevada Corporation (FNV) traded down 1.19% during trading on Monday, hitting $72.92. 349,040 shares of the company traded hands. The company has a 50-day moving average of $72.62 and a 200-day moving average of $67.99. Franco-Nevada Corporation has a 52-week low of $53.31 and a 52-week high of $81.16. The stock has a market capitalization of $13.18 billion, a PE ratio of 95.82 and a beta of -0.03.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Tuesday, May 9th. The basic materials company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.02. Franco-Nevada Corporation had a return on equity of 4.35% and a net margin of 21.17%. The firm had revenue of $172.70 million for the quarter, compared to analyst estimates of $158.75 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. Equities analysts expect that Franco-Nevada Corporation will post $0.97 EPS for the current year.
Hedge funds have recently bought and sold shares of the stock. Shell Asset Management Co. raised its stake in Franco-Nevada Corporation by 9.7% in the first quarter. Shell Asset Management Co. now owns 152,459 shares of the basic materials company’s stock worth $13,282,000 after buying an additional 13,513 shares during the last quarter. Korea Investment CORP acquired a new position in Franco-Nevada Corporation during the first quarter valued at $720,000. Barometer Capital Management Inc. acquired a new position in Franco-Nevada Corporation during the first quarter valued at $459,000. Palisade Capital Management LLC NJ increased its position in Franco-Nevada Corporation by 4.9% in the first quarter. Palisade Capital Management LLC NJ now owns 117,017 shares of the basic materials company’s stock valued at $7,666,000 after buying an additional 5,496 shares during the period. Finally, CGOV Asset Management increased its position in Franco-Nevada Corporation by 4.0% in the first quarter. CGOV Asset Management now owns 41,400 shares of the basic materials company’s stock valued at $3,613,000 after buying an additional 1,600 shares during the period. 62.94% of the stock is currently owned by institutional investors and hedge funds.
About Franco-Nevada Corporation
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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