Q: Pat, may I have your thoughts on PrairieSky Royalty? Yes, I know the current price is below $10.00, but that is one of the things that interests me. Thanks.
A: PrairieSky Royalty Ltd., $9.63, symbol PSK on Toronto (Shares outstanding: 232.6 million; Market cap: $2.2 billion; www.prairiesky.com), owns oil and natural gas rights on 7.8 million acres in Western Canada. It does not drill wells or explore for new reserves. Instead, it collects royalties from producers.
The company recently cut its dividend to $0.06 per quarter, or $0.24 a year, from $0.065 a month, or $0.78 a year. The shares now yield 2.5%.
The stock trades at 15.5 times this year’s forecast cash flow per share (adjusted for today’s lower oil and gas prices) of $0.62.
With no debt, a low-cost structure (mainly administrative costs) and the ability to cut its dividend, PrairieSky can survive a period of low oil and gas prices.
However, the company’s revenues will suffer if oil and gas prices stay low for a lengthy period. As a result, the shares are currently down, like most other energy stocks, because of reduced oil and gas prices and reduced drilling…
Privacy Policy and Terms of Use
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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