CIBC analyst Jamie Kubik maintained a Buy rating on PrairieSky Royalty (PREKF – Research Report) yesterday and set a price target of C$24.00. The company’s shares closed last Wednesday at $12.28.
According to TipRanks.com, Kubik is a 5-star analyst with an average return of 14.3% and a 46.6% success rate. Kubik covers the Utilities sector, focusing on stocks such as Tamarack Valley Energy, Paramount Resources, and Advantage Energy.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for PrairieSky Royalty with a $18.51 average price target, a 55.0% upside from current levels. In a report issued on June 30, Stifel Nicolaus also maintained a Buy rating on the stock with a C$23.75 price target.
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Based on PrairieSky Royalty’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $140 million and net profit of $63.9 million. In comparison, last year the company earned revenue of $59.5 million and had a net profit of $18.4 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PREKF in relation to earlier this year.
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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.
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