Stifel Nicolaus analyst Robert Fitzmartyn initiated coverage with a Buy rating on PrairieSky Royalty (PREKF) on December 3 and set a price target of C$13.00. The company’s shares closed last Thursday at $8.50.
According to TipRanks.com, Fitzmartyn has 0 stars on 0-5 stars ranking scale with an average return of -12.7% and a 26.9% success rate. Fitzmartyn covers the Utilities sector, focusing on stocks such as Touchstone Exploration, Crescent Point Energy, and Advantage Oil & Gas.
Currently, the analyst consensus on PrairieSky Royalty is a Strong Buy with an average price target of $9.89, which is a 15.4% upside from current levels. In a report issued on December 7, RBC Capital also maintained a Buy rating on the stock with a C$12.00 price target.
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PrairieSky Royalty Ltd is the owner of subsurface mineral rights on a variety of royalty properties in western Canada. The company encourages third parties to develop these properties, while also seeking additional petroleum and natural gas royalty assets. Once PrairieSky has given a third party the right to explore, develop, or produce on its properties, the company collects royalty revenue from the development of petroleum and natural gas. Property arrangements can be contracted as lease issuances, farmouts, drilling commitments, or seismic option agreements.
