The stock of PrairieSky Royalty Ltd (TSE:PSK) gapped down by $0.11 today and has $28.69 target or 5.00% below today’s $30.20 share price. The 7 months technical chart setup indicates high risk for the $6.93B company. The gap down was reported on Nov, 29 by Barchart.com. If the $28.69 price target is reached, the company will be worth $346.50M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 126,886 shares traded hands. PrairieSky Royalty Ltd (TSE:PSK) has risen 22.83% since April 25, 2016 and is uptrending. It has outperformed by 17.57% 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 -4.27% below today’s ($30.2) stock price. Prairiesky Royalty has been the topic of 23 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The rating was downgraded by Dundee Securities on Tuesday, January 12 to “Neutral”. On Wednesday, November 25 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The firm earned “” rating on Monday, June 6 by Raymond James. RBC Capital Markets maintained the shares of PSK in a report on Wednesday, October 26 with “Sector Perform” rating. BMO Capital Markets downgraded PrairieSky Royalty Ltd (TSE:PSK) on Friday, February 12 to “Market Perform” rating.
More notable recent PrairieSky Royalty Ltd (TSE:PSK) news were published by: Marketwired.com which released: “Canadian Natural Resources Limited Completes the Distribution of PrairieSky …” on June 07, 2016, also Business.Financialpost.com with their article: “PrairieSky Royalty Ltd’s land base seeing lots of activity” published on September 12, 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 $6.93 billion. The Company’s properties are located in British Columbia, Alberta, Saskatchewan and Manitoba. It has a 467.56 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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