RBC Capital Bumps Up PrairieSky Royalty Price Target By 5%

PrairieSky Royalty Ltd PSK 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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