PrairieSky Royalty (TSE:PSK) Hits New 52-Week High – Here’s Why

PrairieSky Royalty Ltd. (TSE:PSK) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$31.00 and last traded at C$30.88, with a volume of 1116283 shares. The stock had previously closed at C$30.39.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and boosted their target price for the company from C$30.00 to C$35.00 in a report on Tuesday, December 9th. National Bank Financial boosted their price objective on shares of PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. BMO Capital Markets upped their price objective on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 10th. Scotiabank raised their target price on shares of PrairieSky Royalty from C$30.00 to C$31.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 10th. Finally, TD Securities boosted their price target on 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. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, PrairieSky Royalty currently has an average rating of “Moderate Buy” and an average price target of C$31.57.

PrairieSky Royalty Stock Up 1.6%

The company has a market capitalization of C$7.19 billion, a PE ratio of 35.49, a P/E/G ratio of 0.47 and a beta of 0.79. The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.65 and a current ratio of 0.63. The company’s 50-day moving average is C$28.25 and its 200 day moving average is C$26.48.

Insider Activity at PrairieSky Royalty

In other news, Director Margaret Anne Mckenzie purchased 8,400 shares of PrairieSky Royalty stock in a transaction that occurred on Wednesday, February 11th. The stock was 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 transaction, the director directly owned 68,850 shares of the company’s stock, valued at approximately C$2,059,992. The trade was a 13.90% increase in their ownership of the stock. 0.54% of the stock is currently owned by insiders.

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.