Scotiabank Cuts OR Royalties (NYSE:OR) Price Target to $42.00

OR Royalties (NYSE:OR) had its target price decreased by Scotiabank from $51.00 to $42.00 in a report published on Tuesday, Marketbeat.com reports. Scotiabank currently has a sector perform rating on the basic materials company’s stock.

OR has been the subject of several other reports. Wall Street Zen downgraded OR Royalties from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Royal Bank Of Canada reduced their price objective on OR Royalties from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings downgraded OR Royalties from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Jefferies Financial Group lowered their target price on OR Royalties from $40.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, July 6th. Finally, Zacks Research downgraded OR Royalties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.50.

OR Royalties Stock Down 2.8%

NYSE:OR opened at $28.01 on Tuesday. The company has a market cap of $5.25 billion, a P/E ratio of 20.90 and a beta of 0.74. The firm’s 50 day moving average is $33.92 and its two-hundred day moving average is $38.14. OR Royalties has a fifty-two week low of $26.86 and a fifty-two week high of $48.06.

OR Royalties (NYSE:OR) last issued its earnings results on Wednesday, May 6th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The business had revenue of $102.83 million during the quarter, compared to analysts’ expectations of $103.27 million. OR Royalties had a return on equity of 15.10% and a net margin of 78.09%. Research analysts forecast that OR Royalties will post 1.35 earnings per share for the current fiscal year.

OR Royalties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.065 per share. This is a positive change from OR Royalties’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.26 annualized dividend and a yield of 0.9%. OR Royalties’s payout ratio is presently 18.66%.

Hedge Funds Weigh In On OR Royalties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OR. State of Wyoming acquired a new position in shares of OR Royalties in the first quarter worth about $28,000. FIL Ltd acquired a new stake in OR Royalties during the 4th quarter valued at approximately $29,000. Grove Bank & Trust acquired a new stake in OR Royalties during the 2nd quarter valued at approximately $32,000. Assetmark Inc. acquired a new stake in OR Royalties during the 4th quarter valued at approximately $36,000. Finally, Banque Cantonale Vaudoise purchased a new stake in OR Royalties during the 1st quarter worth approximately $37,000. 68.52% of the stock is owned by hedge funds and other institutional investors.

OR Royalties Company Profile

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.