04:12:53 EDT Thu 18 Jul 2024
Enter Symbol
or Name

PrairieSky Royalty Ltd
Symbol PSK
Shares Issued 238,916,940
Close 2023-04-18 C$ 21.04
Market Cap C$ 5,026,812,418
Recent Sedar Documents

Globe says Weekes lowering estimates for PrairieSky

2023-04-19 07:59 ET - In the News

The Globe and Mail reports in its Wednesday, April 19, edition that iA Capital analyst Matthew Weekes has reaffirmed his "buy" recommendation for PrairieSky Royalty. The Globe's David Leeder writes that Mr. Weekes trimmed his share target to $23.50 from $24. Analysts on average target the shares at $25.35. Mr. Weekes says in a note: "We are lowering our estimates for the remainder of 2023 and 2024. ... Meanwhile, strong drilling and leasing momentum continued, supporting our outlook for organic growth in profitable oil volumes without the need for incremental capital. We are maintaining our 'buy' rating based on (a) constructive fundamentals for oil and gas royalty companies as a lower-risk, highly cash generative alternative for investing in the sector; (b) PrairieSky's irreplicable asset base with one of the largest independently owned portfolios of fee title lands in Canada, providing exposure to production trends without any capital requirements; (c) constructive volume outlook for liquids supported by continued record leasing activity on a quarterly sequential basis and a 10-per-cent increase in operator wells spud year-over-year; and (d) valuation that remains below the Company's historical average."

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