Franco Nevada (NYSE:FNV) (TSE:FNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, January 9th. The brokerage presently has a $88.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 18.63% from the stock’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. “
Other analysts have also recently issued reports about the company. Scotiabank boosted their price target on Franco Nevada from $82.50 to $85.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 7th. TD Securities increased their price target on Franco Nevada from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. Canaccord Genuity reiterated a “buy” rating and issued a $121.00 price objective on shares of Franco Nevada in a report on Tuesday, November 7th. Royal Bank of Canada reiterated a “buy” rating and issued a $100.00 price objective on shares of Franco Nevada in a report on Monday, October 23rd. Finally, Credit Suisse Group downgraded Franco Nevada from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $78.00 to $80.00 in a research note on Monday, September 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $85.70.
Shares of Franco Nevada (NYSE:FNV) opened at $74.18 on Tuesday. The firm has a market capitalization of $14,135.73, a price-to-earnings ratio of 93.90, a PEG ratio of 16.46 and a beta of -0.13. Franco Nevada has a 52-week low of $60.10 and a 52-week high of $86.06.
Franco Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Monday, November 6th. The basic materials company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.03. Franco Nevada had a return on equity of 4.31% and a net margin of 22.12%. The company had revenue of $171.50 million for the quarter, compared to analyst estimates of $167.07 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. equities analysts expect that Franco Nevada will post 1.08 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in FNV. American Century Companies Inc. grew its holdings in shares of Franco Nevada by 15.8% during the fourth quarter. American Century Companies Inc. now owns 512,743 shares of the basic materials company’s stock valued at $40,988,000 after purchasing an additional 70,063 shares during the last quarter. Aperio Group LLC grew its holdings in Franco Nevada by 32.7% in the 4th quarter. Aperio Group LLC now owns 56,333 shares of the basic materials company’s stock worth $4,504,000 after buying an additional 13,868 shares in the last quarter. Highstreet Asset Management Inc. lifted its position in Franco Nevada by 153.5% in the fourth quarter. Highstreet Asset Management Inc. now owns 144,462 shares of the basic materials company’s stock worth $11,545,000 after purchasing an additional 87,470 shares during the period. Cigna Investments Inc. New acquired a new stake in shares of Franco Nevada during the 4th quarter valued at $203,000. Finally, Bennicas & Associates Inc. lifted its position in shares of Franco Nevada by 7.5% during the 4th quarter. Bennicas & Associates Inc. now owns 26,450 shares of the basic materials company’s stock valued at $2,115,000 after acquiring an additional 1,850 shares during the last quarter. Hedge funds and other institutional investors own 60.71% of the company’s stock.
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About Franco Nevada
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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