Raymond James Financial Downgrades PrairieSky Royalty (TSE:PSK) to Market Perform

PrairieSky Royalty (TSE:PSK) was downgraded by equities researchers at Raymond James Financial from an “outperform” rating to a “market perform” rating in a research note issued to investors on Monday,BayStreet.CA reports. They presently have a C$35.50 price objective on the stock, up from their previous price objective of C$35.00. Raymond James Financial’s price target would suggest a potential upside of 9.50% from the company’s current price.

PSK has been the topic of several other research reports. National Bank Financial lifted their price target on shares of PrairieSky Royalty from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. TD Securities increased their target price on PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. BMO Capital Markets boosted their price objective on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 10th. Finally, Scotiabank upped their target price on shares of PrairieSky Royalty from C$30.00 to C$31.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, PrairieSky Royalty presently has a consensus rating of “Moderate Buy” and a consensus target price of C$31.64.

PrairieSky Royalty Price Performance

Shares of PSK stock traded down C$0.79 on Monday, reaching C$32.42. The company’s stock had a trading volume of 253,340 shares, compared to its average volume of 541,859. The company has a market capitalization of C$7.54 billion, a P/E ratio of 37.26, a PEG ratio of 0.47 and a beta of 0.65. The company has a quick ratio of 0.65, a current ratio of 0.64 and a debt-to-equity ratio of 9.54. The stock’s 50 day simple moving average is C$30.48 and its 200-day simple moving average is C$27.72. PrairieSky Royalty has a 12-month low of C$21.97 and a 12-month high of C$33.40.

Insider Transactions at PrairieSky Royalty

In related news, Director Margaret Anne Mckenzie acquired 8,400 shares of PrairieSky Royalty stock in a transaction dated Wednesday, February 11th. The shares were purchased at an average price of C$29.92 per share, for a total transaction of C$251,328.00. Following the completion of the transaction, the director directly owned 68,850 shares in the company, valued at approximately C$2,059,992. This represents a 13.90% increase in their position. 0.54% of the stock is currently owned by company insiders.

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.