PrairieSky Royalty (TSE:PSK) Sets New 12-Month High – Here’s Why

PrairieSky Royalty Ltd. (TSE:PSK) shares reached a new 52-week high during trading on Friday . The stock traded as high as C$33.21 and last traded at C$33.21, with a volume of 1081228 shares trading hands. The stock had previously closed at C$32.19.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TD Securities raised their target price 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. BMO Capital Markets upped their price target on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 10th. National Bank Financial lifted their price target on shares of PrairieSky Royalty from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Raymond James Financial raised shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and boosted their price objective for the company from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. Finally, Scotiabank upped their price objective on 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 analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, PrairieSky Royalty presently has an average rating of “Moderate Buy” and a consensus price target of C$31.57.

PrairieSky Royalty Trading Up 3.2%

The firm’s 50 day simple moving average is C$30.37 and its 200-day simple moving average is C$27.61. The company has a market capitalization of C$7.73 billion, a PE ratio of 38.17, a P/E/G ratio of 0.47 and a beta of 0.65. The company has a quick ratio of 0.65, a current ratio of 0.64 and a debt-to-equity ratio of 9.54.

Insider Activity at PrairieSky Royalty

In other news, Director Margaret Anne Mckenzie acquired 8,400 shares of the stock in a transaction that occurred 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 completion of the acquisition, the director directly owned 68,850 shares in the company, valued at C$2,059,992. This represents a 13.90% increase in their ownership of the stock. Company 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.