OR Royalties (NYSE:OR) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

OR Royalties (NYSE:OR) posted its quarterly earnings results on Wednesday. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01, Zacks reports. The business had revenue of $97.82 million for the quarter, compared to analyst estimates of $97.93 million. OR Royalties had a return on equity of 16.56% and a net margin of 78.04%.

OR Royalties Stock Performance

Shares of OR Royalties stock traded up $0.60 during midday trading on Friday, hitting $32.75. The company had a trading volume of 756,145 shares, compared to its average volume of 1,182,157. OR Royalties has a 52-week low of $27.54 and a 52-week high of $48.06. The stock has a market capitalization of $6.13 billion, a P/E ratio of 21.80 and a beta of 0.75. The company has a 50 day moving average of $31.78 and a 200 day moving average of $37.29.

OR Royalties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Wednesday, September 30th. OR Royalties’s dividend payout ratio (DPR) is presently 18.66%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings cut shares of OR Royalties from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, July 24th. Wall Street Zen downgraded shares of OR Royalties from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Zacks Research lowered shares of OR Royalties from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Royal Bank Of Canada cut their target price on OR Royalties from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Jefferies Financial Group reduced their price target on OR Royalties from $40.00 to $34.00 and set a “hold” rating on the stock in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, OR Royalties currently has an average rating of “Hold” and a consensus target price of $40.50.

Hedge Funds Weigh In On OR Royalties

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Elliott Investment Management L.P. lifted its stake in OR Royalties by 42.7% during the 4th quarter. Elliott Investment Management L.P. now owns 3,111,000 shares of the basic materials company’s stock valued at $110,098,000 after acquiring an additional 930,849 shares during the period. XTX Topco Ltd purchased a new stake in OR Royalties during the fourth quarter valued at $832,000. Yaupon Capital Management LP lifted its holdings in OR Royalties by 5.6% in the fourth quarter. Yaupon Capital Management LP now owns 205,228 shares of the basic materials company’s stock valued at $7,270,000 after acquiring an additional 10,809 shares during the period. Oxford Asset Management LLP boosted its position in OR Royalties by 103.6% in the fourth quarter. Oxford Asset Management LLP now owns 26,977 shares of the basic materials company’s stock worth $955,000 after purchasing an additional 13,724 shares during the last quarter. Finally, Millennium Management LLC purchased a new position in OR Royalties in the fourth quarter worth about $23,028,000. 68.52% of the stock is owned by institutional investors.

About OR Royalties

OR Royalties PLC (NYSE: OR) is a closed-ended investment company that specializes in acquiring and managing royalty interests in life science and pharmaceutical products. The company provides capital to biotechnology, specialty pharmaceutical and medical device companies in exchange for a share of future sales revenues. By focusing on royalties secured against marketed products, OR Royalties aims to deliver income and growth potential while minimizing the development and commercialization risks typically associated with direct equity stakes.

The company’s core activities include sourcing royalty transactions, structuring bespoke financing solutions and actively monitoring a diversified portfolio of assets.