Scotiabank Forecasts Strong Price Appreciation for PrairieSky Royalty (TSE:PSK) Stock

PrairieSky Royalty (TSE:PSK) had its target price increased by analysts at Scotiabank from C$29.00 to C$30.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 6.65% from the stock’s current price.

Several other research analysts have also recently commented on the company. National Bankshares raised PrairieSky Royalty from a “sector perform” rating to an “outperform” rating and increased their price target for the company from C$32.00 to C$33.00 in a research report on Tuesday, October 21st. Raymond James Financial upgraded PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and upped their price objective for the stock from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. Finally, Natl Bk Canada raised shares of PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$29.67.

PrairieSky Royalty Trading Up 3.4%

Shares of TSE:PSK opened at C$28.13 on Tuesday. The company’s 50-day moving average price is C$27.01 and its two-hundred day moving average price is C$25.49. PrairieSky Royalty has a one year low of C$21.97 and a one year high of C$28.43. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.63 and a quick ratio of 0.65. The stock has a market capitalization of C$6.55 billion, a PE ratio of 30.25, a price-to-earnings-growth ratio of 0.47 and a beta of 0.74.

PrairieSky Royalty Company Profile

PrairieSky Royalty Ltd is the owner of subsurface mineral rights on a variety of royalty properties in western Canada. The company encourages third parties to develop these properties, while also seeking additional petroleum and natural gas royalty assets. Once PrairieSky has given a third party the right to explore, develop, or produce on its properties, the company collects royalty revenue from the development of petroleum and natural gas. Property arrangements can be contracted as lease issuances, farmouts, drilling commitments, or seismic option agreements.