Scotiabank Issues Pessimistic Forecast for OR Royalties (NYSE:OR) Stock Price

Key Points

• Scotiabank cut its price target on OR Royalties from $51 to $42 while keeping a “sector perform” rating, signaling a more cautious outlook on the stock.
• Other analysts have also turned less optimistic recently, including several downgrades to Hold; MarketBeat now shows a consensus rating of “Moderate Buy” with a consensus price target of $40.50.
• OR Royalties shares were trading at $28.91 on Tuesday, below both the 50-day and 200-day moving averages, even after the company recently beat quarterly earnings estimates.

OR Royalties (NYSE:OR - Get Free Report) had its target price cut by equities research analysts at Scotiabank from $51.00 to $42.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "sector perform" rating on the basic materials company's stock. Scotiabank's target price would suggest a potential upside of 45.27% from the company's previous close.

Several other research analysts also recently weighed in on OR. Zacks Research downgraded shares of OR Royalties from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 31st. Wall Street Zen downgraded OR Royalties from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Jefferies Financial Group decreased their price target on shares of OR Royalties from $40.00 to $34.00 and set a "hold" rating for the company in a research report on Monday, July 6th. Royal Bank Of Canada lowered their price objective on OR Royalties from $50.00 to $45.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Finally, Weiss Ratings cut shares of OR Royalties from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.50.

OR Royalties Stock Performance

Shares of OR stock traded up $0.18 during trading hours on Tuesday, reaching $28.91. The company had a trading volume of 508,871 shares, compared to its average volume of 1,205,868. The business has a fifty day moving average price of $34.45 and a 200-day moving average price of $38.32. The firm has a market cap of $5.42 billion, a PE ratio of 21.56 and a beta of 0.74. OR Royalties has a one year low of $26.86 and a one year high of $48.06.

OR Royalties (NYSE:OR - Get Free Report) last posted its earnings results on Wednesday, May 6th. The basic materials company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.06. The company had revenue of $102.83 million for the quarter, compared to the consensus estimate of $103.27 million. OR Royalties had a return on equity of 15.10% and a net margin of 78.09%. Equities research analysts forecast that OR Royalties will post 1.35 EPS for the current year.

Institutional Investors Weigh In On OR Royalties

Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in OR Royalties during the fourth quarter worth approximately $88,597,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of OR Royalties by 39.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,543,667 shares of the basic materials company's stock valued at $302,419,000 after buying an additional 2,124,421 shares during the period. Elliott Investment Management L.P. grew its holdings in shares of 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 worth $110,098,000 after purchasing an additional 930,849 shares during the period. Goldman Sachs Group Inc. boosted its stake in OR Royalties by 152.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,256,583 shares of the basic materials company's stock worth $26,539,000 after buying an additional 758,815 shares during the period. Finally, Invesco Ltd. grew its stake in shares of OR Royalties by 85.3% in the third quarter. Invesco Ltd. now owns 1,543,366 shares of the basic materials company's stock valued at $61,858,000 after buying an additional 710,654 shares in the last quarter. Hedge funds and other institutional investors own 68.52% of the company's stock.

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.

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