Canaccord Genuity Group Issues Pessimistic Forecast for PrairieSky Royalty (TSE:PSK) Stock Price

PrairieSky Royalty (TSE:PSK) had its price target cut by analysts at Canaccord Genuity Group from C$26.00 to C$25.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 3.99% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. TD Securities upgraded PrairieSky Royalty from a “hold” rating to a “buy” rating and set a C$27.00 target price on the stock in a research note on Wednesday, April 9th. Scotiabank upgraded shares of PrairieSky Royalty to a “hold” rating in a report on Wednesday, March 19th. Finally, CIBC dropped their target price on shares of PrairieSky Royalty from C$31.50 to C$28.00 in a research report on Thursday, April 10th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, PrairieSky Royalty currently has an average rating of “Moderate Buy” and a consensus target price of C$29.88.

PrairieSky Royalty Stock Down 0.4%

Shares of PrairieSky Royalty stock opened at C$24.04 on Tuesday. The firm’s 50 day moving average price is C$23.53 and its 200-day moving average price is C$25.17. The company has a market cap of C$5.73 billion, a P/E ratio of 26.63, a PEG ratio of 0.47 and a beta of 1.78. The company has a quick ratio of 0.65, a current ratio of 0.63 and a debt-to-equity ratio of 3.48. PrairieSky Royalty has a 52-week low of C$21.97 and a 52-week high of C$30.66.

Insider Transactions at PrairieSky Royalty

In other news, Senior Officer Daniel James Bertram purchased 1,990 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average price of C$23.63 per share, for a total transaction of C$47,024.70. Also, Senior Officer Pamela Pearl Kazeil bought 2,000 shares of the company’s stock in a transaction dated Tuesday, April 22nd. The shares were acquired at an average price of C$23.57 per share, for a total transaction of C$47,147.00. Company insiders own 0.54% of the company’s stock.

About PrairieSky Royalty

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.