Zacks Investment Research Upgrades Franco Nevada (FNV) to Buy
Zacks Investment Research upgraded shares of Franco Nevada (NYSE:FNV) (TSE:FNV) from a hold rating to a buy rating in a report issued on Thursday. They currently have $85.00 target price on the basic materials company’s stock.
According to Zacks, “Franco-Nevada had earlier lowered 2018 production guidance to 440,000-470,000 Gold Equivalent Ounces (“GEO”) owing to reduced deliveries from Candelaria mine. However, this will be mitigated by the Oil & Gas portfolio’s performance, driven by acquisitions and higher oil prices. Franco-Nevada entered into a strategic relationship with Continental Resources, Inc. to acquire Oil & Gas mineral rights in the SCOOP and STACK plays of Oklahoma. The company is also investing heavily in Cobre Panama which will be a key growth driver for the company. Its estimates have gone up lately. The company also has a positive record of earnings surprises in the last few quarters. Franco-Nevada has outperformed the industry in the past year.”
A number of other equities research analysts have also recently weighed in on the stock. BMO Capital Markets reissued a hold rating on shares of Franco Nevada in a research report on Monday, December 17th. Royal Bank of Canada reissued a buy rating and issued a $118.00 price target on shares of Franco Nevada in a research report on Wednesday, December 12th. ValuEngine upgraded shares of Franco Nevada from a hold rating to a buy rating in a research note on Wednesday, November 21st. TD Securities dropped their price objective on shares of Franco Nevada from $82.00 to $79.00 and set a buy rating on the stock in a research note on Wednesday, November 7th. Finally, Barclays began coverage on shares of Franco Nevada in a research note on Wednesday, October 10th. They issued an overweight rating and a $70.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $85.29.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $0.96 dividend on an annualized basis and a yield of 1.27%. Franco Nevada’s dividend payout ratio is presently 88.89%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC increased its stake in Franco Nevada by 57.7% in the fourth quarter. Parallel Advisors LLC now owns 793 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 290 shares during the period. First Manhattan Co. increased its stake in shares of Franco Nevada by 116.1% during the fourth quarter. First Manhattan Co. now owns 1,117 shares of the basic materials company’s stock worth $78,000 after acquiring an additional 600 shares during the period. JNBA Financial Advisors acquired a new position in shares of Franco Nevada during the fourth quarter worth about $46,000. PCJ Investment Counsel Ltd. increased its stake in shares of Franco Nevada by 17.4% during the third quarter. PCJ Investment Counsel Ltd. now owns 6,000 shares of the basic materials company’s stock worth $375,000 after acquiring an additional 890 shares during the period. Finally, CWM LLC acquired a new position in shares of Franco Nevada during the fourth quarter worth about $63,000. Institutional investors own 65.03% of the company’s stock.
About Franco Nevada
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.
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