Falcon Minerals Corp (NASDAQ:FLMN) was the recipient of a significant decline in short interest in November. As of November 29th, there was short interest totalling 1,830,000 shares, a decline of 10.3% from the November 14th total of 2,040,000 shares. Approximately 4.9% of the company’s stock are short sold. Based on an average trading volume of 272,000 shares, the days-to-cover ratio is currently 6.7 days.
In related news, major shareholder Hite Hedge Asset Management Ll sold 117,627 shares of Falcon Minerals stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $6.36, for a total value of $748,107.72. Insiders own 15.80% of the company’s stock.
A number of institutional investors have recently made changes to their positions in FLMN. Bank of Montreal Can bought a new position in Falcon Minerals in the second quarter worth about $27,000. Tower Research Capital LLC TRC bought a new position in Falcon Minerals in the second quarter worth about $35,000. Metropolitan Life Insurance Co NY bought a new position in Falcon Minerals in the third quarter worth about $53,000. Deroy & Devereaux Private Investment Counsel Inc. bought a new position in Falcon Minerals in the third quarter worth about $84,000. Finally, Strs Ohio bought a new position in Falcon Minerals in the second quarter worth about $86,000. Institutional investors and hedge funds own 38.99% of the company’s stock.
Falcon Minerals (NASDAQ:FLMN) last announced its earnings results on Thursday, November 7th. The company reported $0.06 EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.02). The firm had revenue of $15.91 million during the quarter, compared to the consensus estimate of $16.30 million. Falcon Minerals had a return on equity of 7.16% and a net margin of 22.83%. On average, equities analysts anticipate that Falcon Minerals will post 0.34 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Wednesday, November 20th were issued a $0.135 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $0.54 dividend on an annualized basis and a yield of 8.40%. Falcon Minerals’s dividend payout ratio is presently 270.00%.
Several analysts recently weighed in on FLMN shares. Royal Bank of Canada decreased their price objective on Falcon Minerals from $10.00 to $8.00 and set a “market perform” rating for the company in a report on Monday, November 18th. Wells Fargo & Co started coverage on Falcon Minerals in a report on Friday, October 4th. They issued a “market perform” rating for the company. Zacks Investment Research downgraded Falcon Minerals from a “hold” rating to a “sell” rating in a report on Wednesday, November 13th. Finally, ValuEngine upgraded Falcon Minerals from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Falcon Minerals has an average rating of “Buy” and an average target price of $9.54.
About Falcon Minerals
Falcon Minerals Corporation acquires and owns mineral, royalty, and over-riding royalty interests in oil and natural gas properties in North America. It owns interests covering approximately 256,000 gross unit acres in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt, and Gonzales Counties in Texas, as well as approximately 68,000 gross unit acres in Pennsylvania, Ohio, and West Virginia that is prospective for the Marcellus Shale.
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