PrairieSky Royalty Ltd (TSE:PSK) reached a new 52-week low during mid-day trading on Tuesday after Macquarie lowered their price target on the stock from C$26.00 to C$25.00. The stock traded as low as C$19.42 and last traded at C$20.27, with a volume of 626110 shares traded. The stock had previously closed at C$21.00.
Other equities research analysts also recently issued research reports about the company. Raymond James lowered their price objective on PrairieSky Royalty from C$29.50 to C$28.50 and set a “market perform” rating on the stock in a research report on Tuesday, July 24th. Canaccord Genuity lowered their price objective on PrairieSky Royalty from C$35.00 to C$29.00 in a research report on Tuesday, July 10th. CIBC lowered their price objective on PrairieSky Royalty from C$32.00 to C$30.00 in a research report on Friday, October 5th. Finally, National Bank Financial upgraded PrairieSky Royalty from a “sector perform overweight” rating to an “outperform overweight” rating and increased their price objective for the stock from C$30.00 to C$31.00 in a research report on Wednesday, July 18th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of C$30.64.
The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 15th will be given a $0.065 dividend. The ex-dividend date is Tuesday, October 30th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 3.90%.
PrairieSky Royalty Ltd. engages in crude oil and natural gas businesses in Canada. The company holds royalty interests in properties located in Alberta, Saskatchewan, British Columbia, and Manitoba. It hold interests in approximately 7.8 million acres with petroleum and/or natural gas rights; 1.1 million acres with coal; and 7.5 million acres of GORR Lands.
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