Canaccord Genuity Cuts PrairieSky Royalty (PSK) Price Target to C$26.00

PrairieSky Royalty (TSE:PSK) had its price objective decreased by Canaccord Genuity from C$29.00 to C$26.00 in a research report report published on Tuesday.

Several other brokerages have also issued reports on PSK. Raymond James lowered their target price on PrairieSky Royalty from C$30.00 to C$29.50 and set a market perform rating for the company in a research report on Friday, June 29th. National Bank Financial raised PrairieSky Royalty from a sector perform overweight rating to an outperform overweight rating and raised their target price for the stock from C$30.00 to C$31.00 in a research report on Wednesday, July 18th. Finally, CIBC lowered their target price on PrairieSky Royalty from C$32.00 to C$30.00 in a research report on Friday, October 5th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. PrairieSky Royalty presently has a consensus rating of Buy and an average price target of C$31.86.

Shares of TSE:PSK opened at C$22.03 on Tuesday. PrairieSky Royalty has a 12-month low of C$21.01 and a 12-month high of C$35.90.

PrairieSky Royalty (TSE:PSK) last announced its earnings results on Monday, July 23rd. The company reported C$0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.09 by C$0.02. The business had revenue of C$76.20 million during the quarter. PrairieSky Royalty had a return on equity of 5.87% and a net margin of 43.61%.

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, November 15th will be given a $0.065 dividend. This represents a $0.78 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Tuesday, October 30th.

In other PrairieSky Royalty news, insider Andrew Phillips acquired 3,000 shares of the stock in a transaction dated Friday, July 27th. The stock was purchased at an average cost of C$24.75 per share, with a total value of C$74,250.00. Over the last three months, insiders bought 3,850 shares of company stock valued at $94,602.

About PrairieSky Royalty

PrairieSky Royalty Ltd. engages in crude oil and natural gas businesses in Canada. The company holds royalty interests in properties located in Alberta, Saskatchewan, British Columbia, and Manitoba. It hold interests in approximately 7.8 million acres with petroleum and/or natural gas rights; 1.1 million acres with coal; and 7.5 million acres of GORR Lands.

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