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Investing.com - BMO Capital has reiterated an Outperform rating on PrairieSky Royalty Ltd (TSX:PSK) with a price target of C$32.00, following the company’s strong quarterly performance.
The Canadian royalty company reported record oil production in the second quarter, with output increasing 8% year-over-year, according to BMO Capital.
The production growth was primarily driven by robust activity across the Mannville, Clearwater, and Duvernay plays, positioning PrairieSky as a "leading business platform in the basin."
BMO highlighted the company’s distinctive royalty assets, high profitability, and minimal debt as key strengths, noting that PrairieSky is entering "a new phase" as industry multilateral development expands despite low WTI prices.
The company has maintained its focus on its Normal Course Issuer Bid (NCIB) while securing a higher credit limit, which BMO believes enhances PrairieSky’s flexibility to pursue future opportunities.
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