-- BMO Capital Markets on Tuesday maintained its outperform rating on the shares of PrairieSky Royalty (PSK.TO) and its C$36.00 price target following the company's first-quarter results.
BMO said PrairieSky continues to solidify its position as a leading exploration and production royalty business, supported by its high-margin asset base, robust profitability, and strong balance sheet.
According to BMO, the first quarter was another solid quarter for PrairieSky, highlighted by steady multi-lateral drilling activity and increased year-over-year development at Duvernay.
"As oil prices look to stay elevated, PrairieSky is well positioned to be the net beneficiary of increased operator activity, especially as waterflood and other technology is deployed in the field," BMO said.
Price: $31.49, Change: $+0.38, Percent Change: +1.22%