CIBC Increases PrairieSky Royalty Ltd (PSK) Price Target to C$33.00
PrairieSky Royalty Ltd (TSE:PSK) had its price target raised by equities researchers at CIBC from C$30.00 to C$33.00 in a research report issued to clients and investors on Wednesday. CIBC’s target price indicates a potential upside of 11.19% from the company’s current price.
Several other equities research analysts have also commented on PSK. Scotiabank reiterated an “outperform” rating and set a C$28.00 price objective on shares of PrairieSky Royalty in a research note on Tuesday, July 26th. Barclays PLC boosted their price objective on PrairieSky Royalty from C$26.00 to C$28.00 in a research note on Friday, July 22nd. RBC Capital Markets boosted their price objective on PrairieSky Royalty from C$28.00 to C$29.00 in a research note on Thursday, October 13th. BMO Capital Markets boosted their price objective on PrairieSky Royalty from C$25.50 to C$27.00 in a research note on Thursday, June 30th. Finally, Royal Bank Of Canada boosted their price objective on PrairieSky Royalty from C$28.00 to C$29.00 in a research note on Thursday, October 13th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of C$28.08.
Shares of PrairieSky Royalty (TSE:PSK) traded up 2.27% during midday trading on Wednesday, hitting $29.68. The stock had a trading volume of 274,608 shares. The firm has a market cap of $6.79 billion and a price-to-earnings ratio of 333.48. The firm’s 50 day moving average price is $27.10 and its 200 day moving average price is $25.58. PrairieSky Royalty has a 52-week low of $17.15 and a 52-week high of $29.83.
The firm also recently disclosed a monthly dividend, which was paid on Monday, October 17th. Investors of record on Monday, October 17th were issued a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Wednesday, September 28th.
PrairieSky Royalty Company Profile
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. The Company’s assets include the Fee Lands, encompassing approximately 8.8 million acres; the GORR Interests, encompassing approximately 6.6 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 40,010 kilometers of two dimensional seismic and over 10,760 square kilometers of three dimensional seismic.
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