PrairieSky Royalty (TSE:PSK) Share Price Passes Above 50 Day Moving Average – What’s Next?

PrairieSky Royalty Ltd. (TSE:PSK)’s share price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$29.04 and traded as high as C$31.63. PrairieSky Royalty shares last traded at C$31.51, with a volume of 557,734 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PSK. National Bank Financial lifted 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. TD Securities raised their price objective on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and lifted their price objective for the company from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. BMO Capital Markets increased their target price on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 10th. Finally, Scotiabank raised their price target on shares of PrairieSky Royalty from C$30.00 to C$31.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 10th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$31.57.

PrairieSky Royalty Stock Up 0.5%

The firm has a market cap of C$7.38 billion, a P/E ratio of 36.44, a price-to-earnings-growth ratio of 0.47 and a beta of 0.65. The stock’s 50 day simple moving average is C$29.23 and its 200 day simple moving average is C$27.05. The company has a debt-to-equity ratio of 9.54, a quick ratio of 0.65 and a current ratio of 0.64.

Insiders Place Their Bets

In related news, Director Margaret Anne Mckenzie acquired 8,400 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was purchased at an average cost of C$29.92 per share, with a total value of C$251,328.00. Following the acquisition, 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. Insiders own 0.54% of the company’s stock.

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.