Scully Royalty (NYSE:SRL) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Scully Royalty Ltd. (NYSE:SRL) crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $5.72 and traded as high as $5.94. Scully Royalty shares last traded at $5.93, with a volume of 6,753 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Scully Royalty from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, June 16th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

Scully Royalty Stock Performance

The business’s 50-day simple moving average is $5.72 and its 200 day simple moving average is $6.92.

Hedge Funds Weigh In On Scully Royalty

A hedge fund recently raised its stake in Scully Royalty stock. Renaissance Technologies LLC increased its holdings in Scully Royalty Ltd. (NYSE:SRL) by 41.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,114 shares of the financial services provider’s stock after purchasing an additional 19,800 shares during the quarter. Renaissance Technologies LLC owned 0.46% of Scully Royalty worth $533,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds 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.