HC Wainwright Reaffirms Buy Rating for Franco-Nevada (NYSE:FNV)

Key Points

• HC Wainwright reaffirmed its Buy rating on Franco-Nevada and set a $305 price target, implying 22.78% upside from the previous close.
• Analyst sentiment is broadly positive: 10 analysts rate the stock Buy and four Hold, for a consensus Moderate Buy and average target of $275.30.
• Franco-Nevada beat quarterly EPS estimates ($1.89 versus $1.77) and reported 12.6% year-over-year revenue growth, though revenue fell short of consensus.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV's stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a note issued to investors on Thursday, Benzinga reports. They presently have a $305.00 price objective on the basic materials company's stock. HC Wainwright's price objective suggests a potential upside of 22.78% from the stock's previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Franco-Nevada from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday. Royal Bank Of Canada boosted their price objective on Franco-Nevada from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, September 16th. Finally, Zacks Research raised shares of Franco-Nevada from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $275.30.

Franco-Nevada Stock Down 2.9%

Shares of Franco-Nevada stock opened at $248.41 on Thursday. The firm has a market cap of $47.92 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.97 and a beta of 0.34. The business has a 50-day moving average price of $248.48 and a 200-day moving average price of $240.07. Franco-Nevada has a twelve month low of $188.47 and a twelve month high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its earnings results on Wednesday, November 11th. The basic materials company reported $1.89 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.12. The firm had revenue of $549.30 million for the quarter, compared to the consensus estimate of $568.44 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The business's quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.43 EPS. On average, equities analysts expect that Franco-Nevada will post 7.40 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. EdgePoint Investment Group Inc. boosted its position in Franco-Nevada by 3.3% during the first quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company's stock valued at $857,196,000 after purchasing an additional 110,222 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Franco-Nevada during the second quarter valued at about $372,435,000. Beutel Goodman & Co Ltd. lifted its position in shares of Franco-Nevada by 61.0% during the third quarter. Beutel Goodman & Co Ltd. now owns 1,308,824 shares of the basic materials company's stock valued at $312,329,000 after buying an additional 495,794 shares during the last quarter. Amundi boosted its holdings in shares of Franco-Nevada by 4.4% in the 1st quarter. Amundi now owns 1,191,417 shares of the basic materials company's stock valued at $294,340,000 after buying an additional 50,455 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Franco-Nevada in the 2nd quarter worth approximately $254,515,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

About Franco-Nevada

Franco-Nevada is a Toronto-based company that provides financing to mining and energy businesses in exchange for royalties, streams and other interests in production. Rather than operating mines itself, it gives partners capital and receives a share of revenue or future output from their projects. The company's portfolio is focused on gold and other precious metals, and also includes interests in other minerals and energy assets, including oil and gas. Its projects and counterparties span multiple regions, including North and South America, Africa, Australia and Europe.

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