Scotiabank Forecasts Strong Price Appreciation for PrairieSky Royalty (TSE:PSK) Stock

Key Points

• Scotiabank has raised its target price for PrairieSky Royalty (TSE:PSK) from C$28.00 to C$29.00, indicating a potential upside of 13.95% from its current stock price.
• PrairieSky Royalty's stock recorded a 2.5% decline on Thursday, trading at C$25.45, below its 12-month high of C$30.66 and low of C$21.97.
• The stock has a consensus rating of "Moderate Buy" with a consensus target price of C$29.29, reflecting mixed ratings from various analysts.

PrairieSky Royalty (TSE:PSK - Get Free Report) had its target price boosted by investment analysts at Scotiabank from C$28.00 to C$29.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 13.95% from the company's current price.

A number of other brokerages have also weighed in on PSK. Raymond James Financial lifted their price objective on shares of PrairieSky Royalty from C$28.00 to C$29.00 and gave the company a "market perform" rating in a report on Tuesday, July 15th. Canaccord Genuity Group decreased their price objective on shares of PrairieSky Royalty from C$26.00 to C$25.00 and set a "hold" rating for the company in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of C$29.29.

PrairieSky Royalty Trading Down 2.5%

Shares of PSK stock traded down C$0.65 during trading hours on Thursday, reaching C$25.45. 177,557 shares of the stock were exchanged, compared to its average volume of 402,847. PrairieSky Royalty has a 12-month low of C$21.97 and a 12-month high of C$30.66. 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's 50-day moving average price is C$24.60 and its 200-day moving average price is C$24.08. The firm has a market capitalization of C$5.99 billion, a price-to-earnings ratio of 27.37, a price-to-earnings-growth ratio of 0.47 and a beta of 0.80.

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.

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