Scotiabank Issues Positive Forecast for PrairieSky Royalty (TSE:PSK) Stock Price

PrairieSky Royalty (TSE:PSK) had its price target raised by Scotiabank from C$29.00 to C$30.00 in a research report released on Tuesday morning,BayStreet.CA reports. They currently have a sector perform rating on the stock.

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

PrairieSky Royalty Price Performance

PrairieSky Royalty stock opened at C$27.20 on Tuesday. The company has a market capitalization of C$6.33 billion, a price-to-earnings ratio of 29.25, a PEG ratio of 0.47 and a beta of 0.74. The company has a current ratio of 0.63, a quick ratio of 0.65 and a debt-to-equity ratio of 3.48. PrairieSky Royalty has a 12 month low of C$21.97 and a 12 month high of C$28.43. The stock’s 50 day moving average is C$26.98 and its 200-day moving average is C$25.47.

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. Property arrangements can be contracted as lease issuances, farmouts, drilling commitments, or seismic option agreements.