Triple Flag Precious Metals (NYSE:TFPM) Hits New 52-Week High - Still a Buy?

Key Points

• Triple Flag Precious Metals shares reached a new 52-week high, trading at $29.25, reflecting strong interest with a volume of 501,320 shares.
• Analysts have mixed views on the stock, with a consensus rating of "Moderate Buy" and a price target of $24.00, while recent earnings beat expectations with an EPS of $0.24.
• The company will increase its quarterly dividend to $0.0575 per share, an annualized yield of 0.8%, with the ex-dividend date set for September 2nd.

Triple Flag Precious Metals Corp. (NYSE:TFPM - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $29.25 and last traded at $28.23, with a volume of 501320 shares changing hands. The stock had previously closed at $28.58.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TFPM. CIBC reissued an "outperform" rating on shares of Triple Flag Precious Metals in a report on Tuesday, July 15th. BMO Capital Markets lowered shares of Triple Flag Precious Metals from an "outperform" rating to a "market perform" rating in a report on Wednesday, June 25th. Royal Bank Of Canada boosted their price target on shares of Triple Flag Precious Metals from $19.00 to $23.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Wall Street Zen raised shares of Triple Flag Precious Metals from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Raymond James Financial reissued an "outperform" rating on shares of Triple Flag Precious Metals in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $24.00.

Triple Flag Precious Metals Stock Performance

The company's 50-day moving average is $25.47 and its 200-day moving average is $22.72. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of 32.80, a P/E/G ratio of 1.26 and a beta of -0.19.

Triple Flag Precious Metals (NYSE:TFPM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.03. The business had revenue of $94.09 million for the quarter, compared to the consensus estimate of $82.76 million. Triple Flag Precious Metals had a net margin of 53.11% and a return on equity of 8.81%. On average, analysts predict that Triple Flag Precious Metals Corp. will post 0.71 EPS for the current year.

Triple Flag Precious Metals Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.0575 per share. This represents a $0.23 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Tuesday, September 2nd. This is a boost from Triple Flag Precious Metals's previous quarterly dividend of $0.06. Triple Flag Precious Metals's dividend payout ratio is currently 26.74%.

Institutional Trading of Triple Flag Precious Metals

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Triple Flag Precious Metals during the 2nd quarter worth approximately $24,816,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Triple Flag Precious Metals by 67.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,097,794 shares of the company's stock worth $49,731,000 after acquiring an additional 844,765 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Triple Flag Precious Metals by 2,463.9% during the 1st quarter. Mackenzie Financial Corp now owns 835,240 shares of the company's stock worth $15,978,000 after acquiring an additional 802,663 shares in the last quarter. SCS Capital Management LLC bought a new position in shares of Triple Flag Precious Metals during the 1st quarter worth approximately $15,179,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Triple Flag Precious Metals by 741.2% in the second quarter. JPMorgan Chase & Co. now owns 299,713 shares of the company's stock valued at $7,100,000 after buying an additional 264,082 shares in the last quarter. 82.91% of the stock is currently owned by institutional investors and hedge funds.

About Triple Flag Precious Metals

Triple Flag Precious Metals Corp., a precious-metals-focused streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties and other mineral interests in Australia, Canada, Colombia, Cote d'Ivoire, Honduras, Mexico, Mongolia, Peru, South Africa, the United States, and internationally.