Research, Charts & Company Announcements
Research Tree offers PRAIRIESKY ROYALTY LTD research coverage from 1 professional analysts, and we have 21 reports on our platform.
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Research reports on PRAIRIESKY ROYALTY LTD
Providers covering PRAIRIESKY ROYALTY LTD
28 Jul 16
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.
25 Jul 16
Market Impact: Neutral. Funds flow of $0.19/share was slightly behind our $0.20/share estimate, which was also the survey median. Relative to our estimates, realized prices for natural gas were weaker than expected (actual $0.67/mcf, FirstEnergy $1.25/mcf), which more than offset higher than expected net production, which once again benefitted significantly from positive prior period adjustments.
$25 MM ACQUISITION OF ROYALTY ASSETS
28 Jun 16
PrairieSky purchased the royalty assets that Pine Cliff Energy (TSX: PNE, covered by analyst Michael Hearn) announced on Monday that it was selling for $25 mm. PNE's Based on PNE's press release, PSK paid ~9.3x run rate EBITDAX of $2.7 mm ($2.7 mm royalty revenue expected over the next 12 months, assuming current commodity prices remain flat), which, assuming a low decline rate, seems quite reasonable and accretive to PSK.
High Margin Business With Multiple Layers of Torque
02 May 16
From recent lows, we see PSK offering three factors of one-sided torque to increased commodity prices: price, drilling activity, and sliding scale royalty rates. We believe all three of these factors have bottomed and are likely to move higher over time. If not, PSK can still fund its recently revised dividend at strip pricing without drawing on cash.
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