RBC Capital Reaffirms Their Buy Rating on PrairieSky Royalty

By Jason Carr

The Materials sector company, PrairieSky Royalty (TSX: PSK), has received a rating update from a Wall Street analyst yesterday. Analyst Michael Harvey from RBC Capital rated PrairieSky Royalty (TSX: PSK) a Buy, setting a C$35 price target.

According to TipRanks.com, Harvey is ranked #3877 out of 4619 analysts.

PrairieSky Royalty has an analyst consensus of Moderate Buy, with a price target consensus of C$32.36.

Based on PrairieSky Royalty’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$102 million and quarterly net profit of C$40.5 million. In comparison, last year the company earned revenue of C$48.1 million and had a GAAP net loss of C$5.7 million.

PrairieSky Royalty Ltd. engages in collecting royalties from petroleum and natural gas production on its vast fee-simple and gross overriding royalty lands. The company was founded on November 27, 2013 and is headquartered in Calgary, Canada.

The company’s shares closed on Monday at C$28.37.