Royal Bank of Canada Upgrades PrairieSky Royalty Ltd (PSK) to “Outperform”
PrairieSky Royalty Ltd (TSE:PSK) was upgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued on Thursday. The firm currently has a C$38.00 price target on the stock, up from their prior price target of C$34.00. Royal Bank of Canada’s target price would indicate a potential upside of 28.42% from the company’s current price.
A number of other research analysts also recently issued reports on the stock. Raymond James Financial, Inc. reissued an “outperform” rating and set a C$34.00 price objective on shares of PrairieSky Royalty in a research report on Tuesday, March 21st. GMP Securities reduced their price objective on shares of PrairieSky Royalty from C$36.00 to C$35.00 in a research report on Thursday, March 2nd. TD Securities raised shares of PrairieSky Royalty from a “hold” rating to a “buy” rating and set a C$33.00 price objective on the stock in a research report on Thursday, February 23rd. CIBC upped their target price on shares of PrairieSky Royalty from C$35.00 to C$38.00 in a research report on Wednesday, January 25th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a C$31.00 target price on shares of PrairieSky Royalty in a research report on Tuesday, April 25th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of C$34.70.
PrairieSky Royalty (TSE:PSK) traded down 1.04% during midday trading on Thursday, reaching $29.59. 490,407 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $29.28 and a 200 day moving average price of $30.22. The company has a market cap of $7.01 billion and a price-to-earnings ratio of 174.06. PrairieSky Royalty has a 12-month low of $22.91 and a 12-month high of $34.32.
The firm also recently disclosed a monthly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 15th will be paid a $0.0625 dividend. This represents a $0.75 annualized dividend and a dividend yield of 2.53%. The ex-dividend date is Friday, May 26th.
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In other PrairieSky Royalty news, insider Andrew Phillips acquired 10,000 shares of the stock in a transaction dated Thursday, March 9th. The shares were purchased at an average price of C$28.08 per share, for a total transaction of C$280,800.00. Also, insider Cameron Maclean Proctor acquired 2,000 shares of the stock in a transaction dated Wednesday, March 8th. The stock was acquired at an average price of C$28.38 per share, for a total transaction of C$56,760.00. Insiders bought a total of 12,023 shares of company stock worth $338,242 in the last quarter.
About PrairieSky Royalty
PrairieSky Royalty Ltd. is a Canada-based company, which holds a portfolio of fee simple mineral title, and oil and gas royalty interests in Canada. The Company’s properties are located in British Columbia, Alberta, Saskatchewan and Manitoba. As of December 31, 2016, the Company’s assets include the Fee Lands, encompassing approximately 7.8 million acres; the GORR Interests, encompassing approximately 6.3 million acres of the GORR Lands; the GRT Interests, encompassing approximately 0.2 million acres of the GRT Lands; approximately 0.2 million acres of Crown Interest Lands primarily in Alberta, and the Seismic License to certain seismic data of Encana Corporation, encompassing approximately 43,000 kilometers of two dimensional seismic and over 13,000 square kilometers of three dimensional seismic.
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