Zacks Investment Research Lowers Franco Nevada (FNV) to Hold
Franco Nevada (NYSE:FNV) (TSE:FNV) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
FNV has been the topic of a number of other reports. Scotiabank boosted their target price on Franco Nevada from $79.50 to $82.00 and gave the stock a “sector perform” rating in a report on Friday, September 8th. Canaccord Genuity reissued a “buy” rating and set a $121.00 target price on shares of Franco Nevada in a report on Tuesday, November 7th. Royal Bank of Canada reissued a “buy” rating and set a $100.00 target price on shares of Franco Nevada in a report on Monday, October 23rd. Credit Suisse Group lowered Franco Nevada from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $78.00 to $80.00 in a report on Monday, September 25th. Finally, ValuEngine raised Franco Nevada from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $85.00.
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 for the quarter, topping analysts’ consensus estimates of $0.27 by $0.03. The business had revenue of $171.50 million for the quarter, compared to analyst estimates of $167.07 million. Franco Nevada had a return on equity of 4.31% and a net margin of 22.12%. The firm’s revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 EPS. sell-side analysts predict that Franco Nevada will post 1.07 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FNV. Advisory Services Network LLC boosted its stake in Franco Nevada by 199.0% in the 2nd quarter. Advisory Services Network LLC now owns 1,504 shares of the basic materials company’s stock valued at $109,000 after purchasing an additional 1,001 shares during the period. Advisors Asset Management Inc. boosted its holdings in Franco Nevada by 453.9% in the third quarter. Advisors Asset Management Inc. now owns 1,922 shares of the basic materials company’s stock worth $149,000 after acquiring an additional 1,575 shares in the last quarter. Gratus Capital LLC bought a new position in Franco Nevada in the third quarter worth approximately $201,000. Blair William & Co. IL bought a new position in Franco Nevada in the second quarter worth approximately $210,000. Finally, Wright Investors Service Inc. bought a new position in Franco Nevada in the third quarter worth approximately $245,000. Institutional investors and hedge funds own 61.42% of the company’s stock.
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Franco Nevada Company Profile
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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