Raymond James Financial Forecasts Strong Price Appreciation for PrairieSky Royalty (TSE:PSK) Stock

PrairieSky Royalty (TSE:PSK) had its price objective hoisted by analysts at Raymond James Financial from C$28.00 to C$29.00 in a research note issued on Tuesday,BayStreet.CA reports. The firm currently has a “market perform” rating on the stock. Raymond James Financial’s price objective would indicate a potential upside of 20.63% from the company’s previous close.

Several other research analysts have also issued reports on PSK. TD Securities upgraded shares of PrairieSky Royalty from a “hold” rating to a “buy” rating and set a C$27.00 price target for the company in a research note on Wednesday, April 9th. Canaccord Genuity Group cut their price objective on shares of PrairieSky Royalty from C$26.00 to C$25.00 and set a “hold” rating on the stock in a report on Tuesday. CIBC lowered their target price on shares of PrairieSky Royalty from C$31.50 to C$28.00 in a report on Thursday, April 10th. Finally, Scotiabank upgraded PrairieSky Royalty to a “hold” rating in a research note on Wednesday, March 19th. Four analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, PrairieSky Royalty has a consensus rating of “Moderate Buy” and an average target price of C$29.88.

PrairieSky Royalty Price Performance

PSK opened at C$24.04 on Tuesday. The company has a current ratio of 0.63, a quick ratio of 0.65 and a debt-to-equity ratio of 3.48. The company has a market cap of C$5.73 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 0.47 and a beta of 1.78. The stock has a fifty day simple moving average of C$23.53 and a two-hundred day simple moving average of C$25.17. PrairieSky Royalty has a 12-month low of C$21.97 and a 12-month high of C$30.66.

Insider Activity at PrairieSky Royalty

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

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.