The stock of PrairieSky Royalty Ltd (TSE:PSK) gapped up by $0.13 today and has $39.13 target or 34.00% above today’s $29.20 share price. The 9 months technical chart setup indicates low risk for the $6.74 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $39.13 price target is reached, the company will be worth $2.29 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 117,301 shares traded hands. PrairieSky Royalty Ltd (TSE:PSK) has risen 23.56% since April 11, 2016 and is uptrending. It has outperformed by 19.63% the S&P500.
PrairieSky Royalty Ltd (TSE:PSK) Ratings Coverage
Out of 6 analysts covering Prairiesky Royalty (TSE:PSK), 3 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 50% are positive. $36 is the highest target while $21 is the lowest. The $28.91 average target is -0.99% below today’s ($29.2) stock price. Prairiesky Royalty has been the topic of 23 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The rating was maintained by Raymond James on Monday, June 6 with “”. As per Wednesday, October 26, the company rating was maintained by RBC Capital Markets. The company was downgraded on Tuesday, January 12 by Dundee Securities. As per Wednesday, November 25, the company rating was maintained by RBC Capital Markets. The stock has “Market Perform” rating given by BMO Capital Markets on Friday, February 12.
More notable recent PrairieSky Royalty Ltd (TSE:PSK) news were published by: Business.Financialpost.com which released: “PrairieSky Royalty Ltd’s land base seeing lots of activity” on September 12, 2016, also Marketwired.com with their article: “Canadian Natural Resources Limited Completes the Distribution of PrairieSky …” published on June 07, 2016, Business.Financialpost.com published: “Canadian Natural Resources Ltd sells most of its royalty lands to PrairieSky …” on November 09, 2015. More interesting news about PrairieSky Royalty Ltd (TSE:PSK) were released by: Theglobeandmail.com and their article: “The Globe and Mail” published on June 01, 2014 as well as Business.Financialpost.com‘s news article titled: “PrairieSky Royalty Ltd. soars 32% in market debut” with publication date: May 29, 2014.
PrairieSky Royalty Ltd. is a Canada company, which holds a portfolio of fee simple mineral title, and gas and oil royalty interests in Canada. The company has a market cap of $6.74 billion. The Company’s properties are located in British Columbia, Alberta, Saskatchewan and Manitoba. It has a 452.08 P/E ratio. The Company’s assets include the Fee Lands, encompassing approximately 8.8 million acres; the GORR Interests, encompassing approximately 6.6 million acres of the GORR Lands; the GRT Interests, encompassing approximately 0.2 million acres of the GRT Lands; approximately 0.2 million acres of Crown Interest Lands primarily in Alberta, and the Seismic License to certain seismic data of Encana Corporation, encompassing approximately 40,010 kilometers of two dimensional seismic and over 10,760 square kilometers of three dimensional seismic.
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