In a report released today, Heiko Ihle from H.C. Wainwright reiterated a Buy rating on EMX Royalty (EMX – Research Report), with a price target of $5.75.
Heiko Ihle’s Buy rating for EMX Royalty is based on several factors, including the company’s impressive 3Q23 financial results. The firm saw an increase in year-over-year sales, driven primarily by a significant growth in royalty revenue. Despite a decrease in option and other property income, the higher royalty revenue in the third quarter was the main contributor to the firm’s quarterly profitability, especially when compared to the losses incurred from the revaluation of investments in the same quarter of the previous year.
Furthermore, EMX’s U.S.-based royalty generation portfolio saw considerable progress during this period. This included partner-funded work programs, project expansions, and the permitting of key projects. The company is expected to continue these programs in the fourth quarter and throughout 2024. Ihle also pointed out that the firm’s pipeline of early-stage interests is key to EMX’s long-term growth plan. In addition to these factors, the analyst updated the firm’s financials in their model and increased the valuation for the firm’s non-cash-flowing assets, which further contributed to the Buy rating.
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Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EMX in relation to earlier this year.
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EMX Royalty (EMX) Company Description:
EMX Royalty Corp. engages in the acquisition and exploration of precious and base metals properties. The company focuses on the gold, copper, silver, lead, zinc and molybdenum properties. It conducts exploration on properties located primarily in Turkey, Haiti, Kyrgyz Republic, Europe, Southwest United States, and Asia Pacific. The company was founded on August 21, 2001 and is headquartered in Vancouver, Canada.
