01:59:01 EST Mon 26 Feb 2024
Enter Symbol
or Name

PrairieSky Royalty Ltd
Symbol PSK
Shares Issued 238,803,323
Close 2022-11-15 C$ 21.74
Market Cap C$ 5,191,584,242
Recent Sedar Documents

Globe says McCrea keeps PrairieSky at "outperform"

2022-11-16 09:00 ET - In the News

The Globe and Mail reports in its Wednesday edition that Raymond James analyst Jeremy McCrea has reaffirmed his "outperform" call for PrairieSky Royalty. The Globe's David Leeder writes that Mr. McCrea jacked his share target up by $2 to $30. Analysts on average target the shares at $24.89. Mr. McCrea says in a note: "We believe PrairieSky is one of the strongest business platforms in the basin. ... Although investors might believe they know the business fundamentals quite well, it appears we're entering a new era for the company. 1) Over the past decade, PrairieSky's mineral title royalty land never quite had the competitive advantage that it does today (vs. crown land sliding scale royalty rates); and 2) the advent of multi-lateral drilling designs and growing adoption throughout the basin is extending many historical oil pool reservoirs. Overall, we believe we are on the cusp of a substantial increase in well licensing across PrairieSky's land base, much greater than what we've seen in the past decade. We've started seeing this with 3Q results and we suspect as investors speak with management, they will realize that there is much more near-term inventory upside than we believe is being priced in today."

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