Champion Iron Ord (CIA) Gets a Buy Rating from B.Riley FBR
In a new note to investors today, an analyst has provided a rating update for the Materials sector company, Champion Iron Ord (CIA). B.Riley FBR’s analyst Lucas Pipes reiterates their Buy rating on the shares, with a C$4.50 price target.
“We are maintaining our C$4.50 PT on the company’s 1Q20 earnings release. The company posted a particularly strong quarter with adjusted EBITDA of C$167M versus consensus and our estimate of C$137M. Compared to the prior quarter, Champion reported stronger price realizations of US$109.6/Mt FOB mine which was a 42% improvement sequentially. Driving this increase was improvements in the IODEX benchmark, which averaged ~US$100/Mt in 1Q20, as well as beneficial pro-forma sales adjustments related to shipment timing. The company also performed well operationally, achieving record production of 1,989K Mt and realizing an average recovery rate of 82.1%.”
According to TipRanks.com, Pipes is a 1-star analyst with an average return of -1.6% and a 43.1% success rate. Pipes covers the Basic Materials sector, focusing on stocks such as Peabody Energy Corporation Comm, Novagold Resources Inc New, and Covia Holdings Corporation.
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Champion Iron Ord has an analyst consensus of Strong Buy, with a price target consensus of C$4.33.
Based on Champion Iron Ord’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$8.82 million. In comparison, last year the company had a net profit of C$11.02 million.
The company’s shares closed on Wednesday at C$2.64.