Canoe Financial LP Takes Position in OR Royalties Inc. $OR

Canoe Financial LP bought a new position in shares of OR Royalties Inc. (NYSE:OR) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 52,572 shares of the basic materials company’s stock, valued at approximately $2,001,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FIL Ltd purchased a new stake in OR Royalties during the 4th quarter worth $29,000. Banque Cantonale Vaudoise purchased a new position in OR Royalties in the 1st quarter valued at about $37,000. Assetmark Inc. acquired a new stake in shares of OR Royalties during the fourth quarter valued at about $36,000. Caitlin John LLC acquired a new stake in shares of OR Royalties during the third quarter valued at about $78,000. Finally, Allworth Financial LP increased its position in shares of OR Royalties by 20.0% during the fourth quarter. Allworth Financial LP now owns 2,305 shares of the basic materials company’s stock worth $82,000 after acquiring an additional 384 shares during the last quarter. 68.52% of the stock is currently owned by hedge funds and other institutional investors.

OR Royalties Stock Performance

OR opened at $32.26 on Monday. The company has a market capitalization of $6.05 billion, a P/E ratio of 24.08 and a beta of 0.70. The company has a 50-day moving average of $36.48 and a 200-day moving average of $38.74. OR Royalties Inc. has a 1-year low of $24.79 and a 1-year high of $48.06.

OR Royalties (NYSE:OR) last issued its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.34 by $0.06. The business had revenue of $102.83 million for the quarter, compared to analysts’ expectations of $103.27 million. OR Royalties had a net margin of 78.09% and a return on equity of 15.10%. As a group, sell-side analysts expect that OR Royalties Inc. will post 1.4 earnings per share for the current fiscal year.

OR Royalties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.26 dividend on an annualized basis and a yield of 0.8%. This is a boost from OR Royalties’s previous quarterly dividend of $0.06. OR Royalties’s dividend payout ratio (DPR) is 16.42%.

Wall Street Analyst Weigh In

OR has been the subject of a number of analyst reports. Weiss Ratings downgraded OR Royalties from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, June 4th. Royal Bank Of Canada restated an “outperform” rating and set a $56.00 price objective on shares of OR Royalties in a report on Friday, April 10th. Zacks Research lowered OR Royalties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Finally, Wall Street Zen cut OR Royalties from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.50.

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.