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

OR Royalties (NYSE:OR) had its price target lowered by analysts at Scotiabank from $51.00 to $42.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price would indicate a potential upside of 45.27% from the company’s previous close.

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

OR Royalties Stock Up 0.6%

NYSE:OR traded up $0.18 during mid-day trading on Tuesday, reaching $28.91. 508,871 shares of the stock were exchanged, compared to its average volume of 1,205,868. The stock has a market capitalization of $5.42 billion, a P/E ratio of 21.56 and a beta of 0.74. The company has a 50 day simple moving average of $34.45 and a 200-day simple moving average of $38.32. OR Royalties has a 1 year low of $26.86 and a 1 year high of $48.06.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in OR Royalties by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 7,847,015 shares of the basic materials company’s stock valued at $277,965,000 after purchasing an additional 167,970 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in OR Royalties by 39.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,543,667 shares of the basic materials company’s stock worth $302,419,000 after acquiring an additional 2,124,421 shares in the last quarter. Picton Mahoney Asset Management lifted its position in OR Royalties by 1.6% during the 4th quarter. Picton Mahoney Asset Management now owns 3,160,518 shares of the basic materials company’s stock worth $112,114,000 after acquiring an additional 50,882 shares in the last quarter. Elliott Investment Management L.P. boosted its stake in shares of OR Royalties by 42.7% in the fourth quarter. Elliott Investment Management L.P. now owns 3,111,000 shares of the basic materials company’s stock valued at $110,098,000 after purchasing an additional 930,849 shares during the period. Finally, Norges Bank purchased a new position in OR Royalties in the 4th quarter valued at about $88,597,000. Hedge funds and other institutional investors own 68.52% of the company’s stock.

About OR Royalties

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.