Insider Buying: PrairieSky Royalty (TSE:PSK) Director Acquires 8,400 Shares of Stock

PrairieSky Royalty Ltd. (TSE:PSK) Director Margaret Anne Mckenzie bought 8,400 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were bought at an average price of C$29.92 per share, with a total value of C$251,328.00. Following the completion of the acquisition, the director directly owned 68,850 shares in the company, valued at C$2,059,992. This trade represents a 13.90% increase in their ownership of the stock.

PrairieSky Royalty Trading Up 1.5%

PrairieSky Royalty stock traded up C$0.45 during trading hours on Wednesday, reaching C$29.93. The company had a trading volume of 169,333 shares, compared to its average volume of 393,345. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.63 and a quick ratio of 0.65. PrairieSky Royalty Ltd. has a 12-month low of C$21.97 and a 12-month high of C$30.69. The company has a 50-day moving average price of C$27.71 and a 200 day moving average price of C$26.03. The firm has a market cap of C$6.97 billion, a price-to-earnings ratio of 32.18, a P/E/G ratio of 0.47 and a beta of 0.79.

Wall Street Analysts Forecast Growth

PSK has been the subject of a number of analyst reports. TD Securities raised their target price on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the company a “buy” rating in a research note on Tuesday. Natl Bk Canada raised shares of PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 3rd. BMO Capital Markets increased their price target on PrairieSky Royalty from C$32.00 to C$34.00 and gave the company an “outperform” rating in a report on Tuesday. Scotiabank boosted their price target on PrairieSky Royalty from C$30.00 to C$31.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Finally, National Bankshares boosted their price objective on PrairieSky Royalty from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, PrairieSky Royalty currently has a consensus rating of “Moderate Buy” and an average price target of C$31.57.

About PrairieSky Royalty

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.