2Q16 net production was flat sequentially but better than expected, while cash flow missed our forecasts by $0.01/share as gas price realizations were weak due to accrual adjustments for the prior quarter. In our view the shares appear reasonably valued in the context of other oil & gas royalty peers. $29.00/share target price unchanged, but we are upgrading to Outperform.
28 Jul 2016
2Q16 Update
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2Q16 Update
PrairieSky Royalty Ltd (PSK:TSE) | 0 0 0.0% | Mkt Cap: 6,860m
- Published:
28 Jul 2016 -
Author:
Michael P. Dunn -
Pages:
8
2Q16 net production was flat sequentially but better than expected, while cash flow missed our forecasts by $0.01/share as gas price realizations were weak due to accrual adjustments for the prior quarter. In our view the shares appear reasonably valued in the context of other oil & gas royalty peers. $29.00/share target price unchanged, but we are upgrading to Outperform.