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Benzinga
Benzinga
Business
Akanksha Bakshi

RBC Capital Bumps Up PrairieSky Royalty Price Target By 5%

RBC Capital BC TSX
  • PrairieSky Royalty Ltd (TSX:PSK) (OTC:PREKF) price target has been raised to C$22 from C$21 by RBC Capital analyst Luke Davis.
  • The analyst maintained the Sector Perform rating on the shares.    
  • Davis states that PrairieSky posted strong 1Q22 volumes, with oil/liquids trending favorably on increased industry activity.
  • He further adds that leasing has been consistent, reaching record levels during the quarter.
  • Davis believes that this will continue to organically push royalty volumes higher through the balance of the year.
  • The analyst mentions that PrairieSky directly benefits given geographic/play diversification with royalty assets spanning from BC to Manitoba. The company signed 52 new leases during the quarter with 43 different counterparties.
  • Price Action: PSK shares are trading lower by 1.93% at C$18.83 on TSX, and PREKF is lower by 1.82% at $14.93 on the last check Tuesday.
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