The stock of PrairieSky Royalty Ltd (TSE:PSK) gapped up by $0.88 today and has $35.13 target or 8.00% above today’s $32.53 share price. The 8 months technical chart setup indicates low risk for the $7.32B company. The gap was reported on Nov, 30 by Barchart.com. If the $35.13 price target is reached, the company will be worth $585.60 million 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 400,196 shares traded hands. PrairieSky Royalty Ltd (TSE:PSK) has risen 21.03% since April 26, 2016 and is uptrending. It has outperformed by 15.80% 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 -11.13% below today’s ($32.53) 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”. The firm earned “” rating on Monday, June 6 by Raymond James. The firm has “Market Perform” rating given on Friday, February 12 by BMO Capital Markets. The stock of PrairieSky Royalty Ltd (TSE:PSK) earned “Sector Perform” rating by RBC Capital Markets on Wednesday, November 25. The firm has “Sector Perform” rating by RBC Capital Markets given on Wednesday, October 26.
More important 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 published article titled: “PrairieSky Royalty Ltd’s land base seeing lots of activity”, 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) was released by: Theglobeandmail.com and their article: “The Globe and Mail” with publication date: June 01, 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 $7.32 billion. The Company’s properties are located in British Columbia, Alberta, Saskatchewan and Manitoba. It has a 503.72 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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