HITE Hedge Asset Management LLC boosted its stake in shares of Falcon Minerals Corp (NASDAQ:FLMN) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,543,064 shares of the company’s stock after buying an additional 113,585 shares during the quarter. Falcon Minerals makes up approximately 9.2% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 2nd biggest position. HITE Hedge Asset Management LLC owned 0.12% of Falcon Minerals worth $57,841,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in FLMN. Vanguard Group Inc. acquired a new position in Falcon Minerals during the 3rd quarter worth about $10,156,000. Geode Capital Management LLC acquired a new position in Falcon Minerals during the 4th quarter worth about $3,288,000. Victory Capital Management Inc. acquired a new position in Falcon Minerals during the 1st quarter worth about $1,034,000. JPMorgan Chase & Co. acquired a new position in Falcon Minerals during the 1st quarter worth about $1,032,000. Finally, Iridian Asset Management LLC CT acquired a new position in Falcon Minerals during the 1st quarter worth about $877,000. 65.43% of the stock is currently owned by hedge funds and other institutional investors.
In other Falcon Minerals news, Director Al J. Hirshberg acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were bought at an average cost of $8.00 per share, with a total value of $240,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.60% of the stock is owned by insiders.
Falcon Minerals (NASDAQ:FLMN) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The business had revenue of $21.26 million during the quarter, compared to analyst estimates of $20.49 million. Analysts anticipate that Falcon Minerals Corp will post 0.49 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Friday, May 17th were paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 9.66%. The ex-dividend date was Thursday, May 16th. Falcon Minerals’s dividend payout ratio is 350.00%.
FLMN has been the topic of a number of recent analyst reports. Zacks Investment Research raised Falcon Minerals from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Wednesday, April 24th. Citigroup set a $10.00 price objective on Falcon Minerals and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Northland Securities set a $10.00 price objective on Falcon Minerals and gave the company a “buy” rating in a research note on Thursday, February 28th. Stifel Nicolaus raised Falcon Minerals from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a research note on Wednesday, May 29th. Finally, ValuEngine raised Falcon Minerals from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $9.98.
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Falcon Minerals Company Profile
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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