PrairieSky Royalty (TSE:PSK) Reaches New 52-Week High Following Analyst Upgrade

PrairieSky Royalty Ltd. (TSE:PSK) reached a new 52-week high during trading on Tuesday after Scotiabank raised their price target on the stock from C$30.00 to C$31.00. Scotiabank currently has a sector perform rating on the stock. PrairieSky Royalty traded as high as C$30.56 and last traded at C$30.31, with a volume of 285621 shares. The stock had previously closed at C$30.22.

A number of other equities research analysts also recently issued reports on the company. BMO Capital Markets boosted their price target on PrairieSky Royalty from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research note on Tuesday. Raymond James Financial raised shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and upped their target price for the company from C$30.00 to C$35.00 in a report on Tuesday, December 9th. Natl Bk Canada upgraded shares of PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. TD Securities upped their price objective on PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, National Bank Financial raised their target price on PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$31.57.

Insider Buying and Selling at PrairieSky Royalty

In other PrairieSky Royalty news, Director Margaret Anne Mckenzie purchased 8,400 shares of PrairieSky Royalty stock in a transaction that occurred on Wednesday, February 11th. The shares were bought at an average price of C$29.92 per share, for a total transaction of C$251,328.00. Following the completion of the transaction, the director owned 68,850 shares of the company’s stock, valued at approximately C$2,059,992. This trade represents a 13.90% increase in their position. Company insiders own 0.54% of the company’s stock.

PrairieSky Royalty Price Performance

The company has a current ratio of 0.63, a quick ratio of 0.65 and a debt-to-equity ratio of 3.48. The company has a market capitalization of C$6.94 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 0.47 and a beta of 0.79. The stock’s 50-day moving average is C$27.80 and its two-hundred day moving average is C$26.08.

PrairieSky Royalty Company Profile

PrairieSky Royalty Ltd is the owner of subsurface mineral rights on a variety of royalty properties in western Canada. The company encourages third parties to develop these properties, while also seeking additional petroleum and natural gas royalty assets. Once PrairieSky has given a third party the right to explore, develop, or produce on its properties, the company collects royalty revenue from the development of petroleum and natural gas. Property arrangements can be contracted as lease issuances, farmouts, drilling commitments, or seismic option agreements.