Royal Gold Inc. (NASDAQ:RGLD) (TSE:RGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $85.00 price target on the stock. Zacks Investment Research’s price target would indicate a potential upside of 25.11% from the stock’s current price.
According to Zacks, “Royal Gold, Inc. is engaged in the acquisition and management of precious metals royalties. They seek to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. They also explore and develop properties thought to contain precious metals and seek to obtain royalty and other carried ownership interests in these properties through the subsequent transfer of operating interests to other mining companies. “
Several other research analysts have also commented on RGLD. RBC Capital Markets reaffirmed an “outperform” rating on shares of Royal Gold in a research note on Tuesday, November 1st. FBR & Co set a $80.00 price objective on shares of Royal Gold and gave the stock a “hold” rating in a research note on Tuesday, September 20th. Barclays PLC lifted their price objective on shares of Royal Gold from $62.00 to $99.00 and gave the stock an “overweight” rating in a research note on Monday, August 8th. Finally, CIBC raised shares of Royal Gold from a “sector perform” rating to a “sector outperform” rating and set a $90.00 price objective for the company in a research note on Friday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $75.62.
Shares of Royal Gold (NASDAQ:RGLD) traded up 0.32% on Tuesday, reaching $67.94. 265,817 shares of the company’s stock were exchanged. Royal Gold has a one year low of $24.68 and a one year high of $87.74. The company’s 50 day moving average is $69.08 and its 200-day moving average is $72.33. The stock’s market cap is $4.44 billion.
Royal Gold (NASDAQ:RGLD) last posted its earnings results on Thursday, November 3rd. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. Royal Gold had a negative net margin of 0.57% and a positive return on equity of 3.65%. The firm earned $117.90 million during the quarter, compared to analyst estimates of $2.40 million. During the same period last year, the firm posted $0.17 earnings per share. Royal Gold’s revenue for the quarter was up 59.1% compared to the same quarter last year. On average, analysts anticipate that Royal Gold will post $1.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 20th. Investors of record on Friday, January 6th will be issued a $0.24 dividend. This is an increase from Royal Gold’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend is Wednesday, January 4th. Royal Gold’s payout ratio is presently -3,066.67%.
In related news, CFO Stefan Wenger sold 9,917 shares of Royal Gold stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $68.03, for a total value of $674,653.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.37% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its stake in Royal Gold by 1.0% in the second quarter. PNC Financial Services Group Inc. now owns 2,184 shares of the company’s stock valued at $157,000 after buying an additional 22 shares during the last quarter. IBM Retirement Fund increased its stake in Royal Gold by 1.5% in the second quarter. IBM Retirement Fund now owns 6,568 shares of the company’s stock valued at $473,000 after buying an additional 96 shares during the last quarter. State Treasurer State of Michigan increased its stake in Royal Gold by 0.4% in the third quarter. State Treasurer State of Michigan now owns 26,300 shares of the company’s stock valued at $2,036,000 after buying an additional 100 shares during the last quarter. Sprott Inc. increased its stake in Royal Gold by 0.4% in the second quarter. Sprott Inc. now owns 28,438 shares of the company’s stock valued at $2,048,000 after buying an additional 116 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Royal Gold by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,669 shares of the company’s stock valued at $120,000 after buying an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 67.35% of the company’s stock.
Royal Gold Company Profile
Royal Gold, Inc, together with its subsidiaries, is engaged in acquiring and managing precious metal streams, royalties and similar interests. The Company operates through two segments: Acquisition and Management of Stream Interests, and Acquisition and Management of Royalty Interests. Its assets are located in Canada, Chile, Dominican Republic, Mexico, the United States, Africa, Australia and Other.