The Globe and Mail reports in its Thursday, Sept. 13, edition that Desjardins Securities analyst Chris MacCulloch says Freehold Royalties ($11.38) is "well-positioned" for another 5-per-cent dividend increase in 2019. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch continues to rate the shares "buy," with a share target price of $17. Analysts on average target the shares at $17.18. Mr. MacCulloch says in a note: "We had Freehold in for a desk presentation [Tuesday] and came away with increased conviction on the stock as an attractive way to add low-risk exposure to the Canadian oil & gas space, particularly following the TMX court decision which has pushed the stock's multiple toward a five-year low. Meanwhile, we have updated our dividend sensitivity and see support for another 5-per-cent increase in the payout early next year, which would enhance the current 5.6-per-cent yield. ... While the company is not immune to the challenges facing the sector -- particularly with respect to widening oil price differentials -- the reality is that by definition, the royalty structure provides greater free cash flow stability given the limited capital and operating cost of production."