Royal Gold (NASDAQ:RGLD) Price Target Raised to $246.00

Key Points

• Scotiabank raised its price target for Royal Gold from $194.00 to $246.00, suggesting a potential upside of 34.42% based on the current price.
• Royal Gold's stock has received multiple upgrades, with BMO Capital Markets setting a target at $240.00 and CIBC increasing their target to $250.00.
• In its latest earnings report, Royal Gold reported earnings per share of $1.81, exceeding analysts' expectations and demonstrating a 20.4% increase in revenue year-over-year.

Royal Gold (NASDAQ:RGLD - Get Free Report) TSE: RGL had its price objective boosted by investment analysts at Scotiabank from $194.00 to $246.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the basic materials company's stock. Scotiabank's price target points to a potential upside of 34.42% from the company's current price.

Several other brokerages have also commented on RGLD. BMO Capital Markets set a $240.00 price target on shares of Royal Gold and gave the stock an "outperform" rating in a report on Tuesday. CIBC boosted their price target on shares of Royal Gold from $225.00 to $250.00 and gave the stock a "neutral" rating in a report on Friday, October 10th. Zacks Research raised shares of Royal Gold from a "hold" rating to a "strong-buy" rating in a report on Friday, October 17th. Raymond James Financial set a $257.00 price target on shares of Royal Gold and gave the stock an "outperform" rating in a report on Tuesday. Finally, TD Securities reissued a "buy" rating and issued a $237.00 price target (up previously from $229.00) on shares of Royal Gold in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $220.44.

Royal Gold Price Performance

RGLD traded down $0.57 during trading on Thursday, reaching $183.01. 311,385 shares of the company's stock were exchanged, compared to its average volume of 747,909. Royal Gold has a 1 year low of $130.67 and a 1 year high of $209.42. The stock has a market capitalization of $12.05 billion, a P/E ratio of 26.79, a price-to-earnings-growth ratio of 1.04 and a beta of 0.41. The company's fifty day simple moving average is $188.09 and its 200-day simple moving average is $177.75.

Royal Gold (NASDAQ:RGLD - Get Free Report) TSE: RGL last posted its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.11. The company had revenue of $209.64 million during the quarter, compared to analyst estimates of $186.63 million. Royal Gold had a net margin of 56.24% and a return on equity of 13.30%. Royal Gold's revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the firm posted $1.25 EPS. Equities analysts forecast that Royal Gold will post 6.2 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Sowell Financial Services LLC boosted its holdings in Royal Gold by 4.0% in the third quarter. Sowell Financial Services LLC now owns 1,368 shares of the basic materials company's stock valued at $274,000 after purchasing an additional 52 shares in the last quarter. Encompass More Asset Management boosted its holdings in shares of Royal Gold by 4.2% in the third quarter. Encompass More Asset Management now owns 1,283 shares of the basic materials company's stock valued at $257,000 after acquiring an additional 52 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Royal Gold by 33.9% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 221 shares of the basic materials company's stock valued at $44,000 after acquiring an additional 56 shares during the period. NorthRock Partners LLC boosted its holdings in shares of Royal Gold by 4.5% in the first quarter. NorthRock Partners LLC now owns 1,586 shares of the basic materials company's stock valued at $259,000 after acquiring an additional 68 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Royal Gold by 56.8% in the second quarter. Blue Trust Inc. now owns 196 shares of the basic materials company's stock valued at $35,000 after acquiring an additional 71 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

About Royal Gold

Royal Gold, Inc, together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.