Franco-Nevada (NYSE:FNV) Shares Gap Down After Earnings Miss

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $124.97, but opened at $117.74. Franco-Nevada shares last traded at $117.92, with a volume of 85,473 shares.

The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). Franco-Nevada had a negative net margin of 39.88% and a positive return on equity of 10.81%. The firm had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was down 21.2% compared to the same quarter last year.

Analyst Upgrades and Downgrades

FNV has been the topic of several analyst reports. Scotiabank lifted their price target on shares of Franco-Nevada from $140.00 to $141.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. Bank of America lifted their target price on Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group boosted their price target on Franco-Nevada from $129.00 to $133.00 and gave the company a “hold” rating in a report on Friday, July 12th. Finally, HC Wainwright raised their price objective on Franco-Nevada from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Franco-Nevada has an average rating of “Hold” and a consensus target price of $152.33.

Institutional Trading of Franco-Nevada

Institutional investors have recently made changes to their positions in the business. Mechanics Financial Corp boosted its stake in Franco-Nevada by 150.0% in the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 150 shares during the period. Mather Group LLC. purchased a new position in shares of Franco-Nevada in the second quarter worth $33,000. Kings Path Partners LLC bought a new position in shares of Franco-Nevada during the second quarter worth $36,000. Fortis Group Advisors LLC grew its stake in Franco-Nevada by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 352 shares of the basic materials company’s stock valued at $39,000 after acquiring an additional 176 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in Franco-Nevada by 37.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 440 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

The business’s fifty day simple moving average is $122.13 and its 200-day simple moving average is $118.70. The company has a market capitalization of $22.76 billion, a P/E ratio of -50.22, a P/E/G ratio of 21.14 and a beta of 0.74.

Franco-Nevada Company Profile

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.