00:28:35 EDT Sat 10 Jun 2023
Enter Symbol
or Name

PrairieSky Royalty Ltd
Symbol PSK
Shares Issued 238,802,700
Close 2022-07-21 C$ 18.18
Recent Sedar Documents

Globe says Weekes keeps his "buy" on PrairieSky

2022-07-21 07:58 ET - In the News

The Globe and Mail reports in its Thursday, July 21, edition that iA Capital Markets analyst Matthew Weekes raised his share target for PrairieSky Royalty to $23 from $21.50, maintaining a "buy" recommendation. The Globe's David Leeder writes that analysts on average target the shares at $23.53. Mr. Weekes says in a note: "PrairieSky's Q2/22 results beat estimates, driven by a beat in royalty production volumes, which included organic growth, PPA volumes related to wells brought on stream late in Q1/22 and compliance collections, and incremental acquisition volumes. Record funds flow generated in the quarter was primarily used for debt repayment. In addition, PrairieSky completed $16-million of acquisitions in Q2, which added 360 boe/d (86 per cent gas) of incremental GORR production in addition to undeveloped Clearwater lands. Drilling activity, though seasonally lower in Q2, increased year-over-year, while leasing activity on PrairieSky lands remained strong, with 54 new leasing transactions that are expected to contribute to continued positive trends in drilling activity. We are increasing our production growth expectations through the remainder of 2022 and into 2023 on the back of the results."

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