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

PrairieSky Royalty (TSE:PSK) had its price target hoisted by investment analysts at Raymond James Financial from C$28.00 to C$29.00 in a research report issued to clients and investors 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 stock’s current price.

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

PrairieSky Royalty Trading Down 0.4%

Shares of TSE:PSK opened at C$24.04 on Tuesday. The stock’s 50-day simple moving average is C$23.53 and its two-hundred day simple moving average is C$25.17. The stock has a market capitalization of C$5.73 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 0.47 and a beta of 1.78. PrairieSky Royalty has a 52-week low of C$21.97 and a 52-week high of C$30.66. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.65 and a current ratio of 0.63.

Insider Buying and Selling at PrairieSky Royalty

In other news, Senior Officer Daniel James Bertram acquired 1,990 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was purchased 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 acquired 2,000 shares of the firm’s stock in a transaction dated Tuesday, April 22nd. The shares were purchased at an average cost 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.

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.