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Royal Gold Shines on Record Revenue, Post-Earnings Analyst Action

While CIBC and UBS upped their price targets for RGLD, National Bank doled out a lukewarm rating

by 11/7/2011 12:30:13 PM
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This past Thursday, Royal Gold, Inc. (RGLD - 81.41) reported results for its fiscal first quarter. RGLD said its profit more than doubled to $26.1 million, or 41 cents per share, from $13 million, or 21 cents per share, in the year-ago period. Excluding items, the company earned 43 cents per share. Meanwhile, revenue surged 42% higher to $64.5 million. The precious metals company's results were stronger than anticipated, as Wall Street predicted a profit of 42 cents per share.

Since then, RGLD has received some assorted analyst attention. On Friday, National Bank lowered its rating to "sector perform" from "outperform," while CIBC lifted its price target to $86 from $80. Earlier today, UBS upped its target by $4.50 to $83.

It looks as though sentiment among the brokerage crowd is mixed. The consensus 12-month price target -- as calculated by Thomson Reuters -- sits at $86.03, representing a slight premium to today's intraday peak of $81.44.

On the other hand, Zacks is reporting two "buy" or better recommendations for the stock, versus four lukewarm "hold" suggestions and zero "sells."

There seems to be negativity surrounding RGLD elsewhere on the Street. Although short interest on the security fell 31.2% over the past month, it still accounts for over 5.6% of the stock's available float.

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