PrairieSky Royalty (TSE:PSK) Raised to Outperform at Royal Bank of Canada

PrairieSky Royalty (TSE:PSK) was upgraded by equities research analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Tuesday, BayStreet.CA reports. The brokerage presently has a C$33.00 price objective on the stock, up from their previous price objective of C$31.00. Royal Bank of Canada’s price objective indicates a potential upside of 20.00% from the company’s previous close.

Several other equities research analysts also recently commented on PSK. Scotiabank upped their target price on PrairieSky Royalty from C$29.00 to C$31.00 in a report on Friday, July 12th. ATB Capital increased their price objective on PrairieSky Royalty from C$28.50 to C$30.00 in a research note on Friday, July 19th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$29.17.

PrairieSky Royalty Price Performance

PSK stock traded up C$0.70 during trading hours on Tuesday, hitting C$27.50. 122,879 shares of the stock traded hands, compared to its average volume of 346,930. The stock has a 50-day simple moving average of C$27.17 and a 200 day simple moving average of C$26.57. PrairieSky Royalty has a one year low of C$21.22 and a one year high of C$28.59. The company has a market cap of C$6.57 billion, a P/E ratio of 28.65, a P/E/G ratio of 0.47 and a beta of 1.79. The company has a current ratio of 0.30, a quick ratio of 0.65 and a debt-to-equity ratio of 5.40.

PrairieSky Royalty (TSE:PSK) last announced its earnings results on Monday, July 15th. The company reported C$0.25 earnings per share for the quarter. PrairieSky Royalty had a return on equity of 8.37% and a net margin of 46.81%. The business had revenue of C$135.60 million during the quarter.

About PrairieSky Royalty

PrairieSky Royalty Ltd., a pure-play royalty company, holds crude oil and natural gas royalty interests in Canada. It holds an interest in approximately 9.7 million acres with petroleum and/or natural gas rights, 8.5 million acres of gross overriding royalty interests, and other acreage. The company was incorporated in 2013 and is based in Calgary, Canada.