Zacks Investment Research upgraded shares of Falcon Minerals (NASDAQ:FLMN) from a sell rating to a hold rating in a research note released on Wednesday morning.
According to Zacks, “Falcon Minerals Corporation own and acquire oil-weighted minerals. The company owns mineral, royalty and over-riding royalty interests primarily in the Eagle Ford and Austin Chalk in Karnes County, DeWitt County and Gonzales County Texas. Falcon Minerals Corporation, formerly named Osprey Energy Acquisition Corp., is based in San Diego, California. “
A number of other research firms have also weighed in on FLMN. Citigroup started coverage on shares of Falcon Minerals in a report on Thursday, November 29th. They set a buy rating and a $11.00 price target for the company. ValuEngine lowered shares of Falcon Minerals from a hold rating to a sell rating in a report on Friday, November 2nd. Northland Securities set a $10.00 price objective on shares of Falcon Minerals and gave the stock a buy rating in a report on Friday, February 8th. Finally, Credit Suisse Group started coverage on shares of Falcon Minerals in a report on Friday, December 7th. They set an outperform rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $10.19.
FLMN traded up $0.09 during trading hours on Wednesday, reaching $7.84. 59,730 shares of the stock traded hands, compared to its average volume of 207,231. Falcon Minerals has a fifty-two week low of $6.71 and a fifty-two week high of $11.70. The company has a quick ratio of 34.70, a current ratio of 34.70 and a debt-to-equity ratio of 0.14.
Falcon Minerals (NASDAQ:FLMN) last released its quarterly earnings results on Tuesday, February 26th. The company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.01). Equities research analysts forecast that Falcon Minerals will post 0.44 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 28th. Shareholders of record on Thursday, February 21st were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 10.20%. The ex-dividend date was Wednesday, February 20th. Falcon Minerals’s dividend payout ratio is currently 400.00%.
In related news, Director Brian L. Frank acquired 15,000 shares of the firm’s stock in a transaction on Wednesday, December 12th. The stock was bought at an average cost of $7.72 per share, with a total value of $115,800.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Hite Hedge Asset Management Ll acquired 59,455 shares of the firm’s stock in a transaction on Monday, February 4th. The shares were bought at an average cost of $8.24 per share, with a total value of $489,909.20. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,147,870 shares of company stock valued at $8,451,208. 8.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FLMN. RBF Capital LLC acquired a new position in shares of Falcon Minerals in the 4th quarter valued at about $85,000. Squarepoint Ops LLC acquired a new position in shares of Falcon Minerals in the 4th quarter valued at about $116,000. Hodges Capital Management Inc. acquired a new position in shares of Falcon Minerals in the 4th quarter valued at about $140,000. Deprince Race & Zollo Inc. boosted its holdings in shares of Falcon Minerals by 36.7% in the 4th quarter. Deprince Race & Zollo Inc. now owns 20,500 shares of the company’s stock valued at $174,000 after buying an additional 5,500 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Falcon Minerals in the 4th quarter valued at about $218,000. 73.72% of the stock is owned by institutional investors and hedge funds.
About Falcon Minerals
Falcon Minerals Corporation acquires, owns, maintains, and manages mineral interests, mineral royalties, and overriding royalties relating to onshore unconventional shale oil and natural gas properties in the United States; and any associated interests and royalties relating to conventional oil and natural gas properties.
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