Royal Bank of Canada Raises Osisko Gold Royalties (NYSE:OR) Price Target to $24.00

Osisko Gold Royalties (NYSE:OR) had its target price raised by analysts at Royal Bank of Canada from $23.00 to $24.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 21.67% from the stock’s current price.

OR has been the subject of a number of other research reports. TD Securities cut Osisko Gold Royalties from a “strong-buy” rating to a “hold” rating in a report on Monday, November 11th. TD Cowen cut shares of Osisko Gold Royalties from a “buy” rating to a “hold” rating in a research report on Monday, November 11th.

Osisko Gold Royalties Price Performance

Shares of NYSE OR traded down $0.28 during mid-day trading on Tuesday, reaching $19.73. The company had a trading volume of 211,865 shares, compared to its average volume of 510,595. The stock has a market cap of $3.68 billion, a PE ratio of -93.88 and a beta of 1.02. Osisko Gold Royalties has a 1-year low of $12.77 and a 1-year high of $21.29. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $18.83 and a two-hundred day moving average price of $18.64.

Hedge Funds Weigh In On Osisko Gold Royalties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Asset Management Inc lifted its holdings in Osisko Gold Royalties by 21.6% in the 4th quarter. CIBC Asset Management Inc now owns 3,111,398 shares of the basic materials company’s stock worth $56,215,000 after purchasing an additional 551,936 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Osisko Gold Royalties by 190.5% in the third quarter. The Manufacturers Life Insurance Company now owns 796,804 shares of the basic materials company’s stock valued at $14,766,000 after buying an additional 522,551 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. raised its stake in shares of Osisko Gold Royalties by 53.9% in the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 965,801 shares of the basic materials company’s stock worth $17,886,000 after purchasing an additional 338,354 shares during the last quarter. Horizon Kinetics Asset Management LLC increased its position in shares of Osisko Gold Royalties by 19.2% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 1,659,922 shares of the basic materials company’s stock valued at $30,045,000 after buying an additional 267,777 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Osisko Gold Royalties during the fourth quarter worth $2,587,000. Hedge funds and other institutional investors own 68.52% of the company’s stock.

About Osisko Gold Royalties

Osisko Gold Royalties Ltd acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally. It also owns options on offtake; royalty/stream financings; and exclusive rights to participate in future royalty/stream financings on various projects. The company’s primary asset is a 3-5% net smelter return royalty on the Canadian Malartic complex located in Canada.