Royal Bank of Canada Forecasts Strong Price Appreciation for Franco-Nevada (NYSE:FNV) Stock

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its price target raised by stock analysts at Royal Bank of Canada from $145.00 to $155.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 8.54% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. HC Wainwright reiterated a “buy” rating and issued a $155.00 price objective on shares of Franco-Nevada in a research note on Tuesday, January 28th. Jefferies Financial Group dropped their price objective on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a report on Thursday, October 17th. Scotiabank dropped their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Finally, UBS Group initiated coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 price target for the company. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $146.71.

Franco-Nevada Stock Down 0.3 %

Shares of NYSE:FNV traded down $0.40 during trading on Tuesday, hitting $142.81. 254,998 shares of the company were exchanged, compared to its average volume of 648,000. The business’s 50 day moving average is $125.59 and its 200-day moving average is $124.85. The company has a market capitalization of $27.50 billion, a P/E ratio of -45.21, a price-to-earnings-growth ratio of 9.88 and a beta of 0.74. Franco-Nevada has a 1-year low of $103.64 and a 1-year high of $143.77.

Hedge Funds Weigh In On Franco-Nevada

Several large investors have recently made changes to their positions in FNV. Laurel Wealth Advisors LLC acquired a new position in Franco-Nevada during the fourth quarter worth $47,000. Point72 DIFC Ltd acquired a new stake in Franco-Nevada during the third quarter worth about $52,000. Harbour Investments Inc. boosted its stake in Franco-Nevada by 25.8% during the fourth quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock worth $53,000 after buying an additional 93 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Franco-Nevada in the third quarter valued at approximately $55,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Franco-Nevada in the fourth quarter valued at approximately $73,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

About Franco-Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.