PrairieSky Royalty (TSE:PSK) Reaches New 12-Month High – Time to Buy?

PrairieSky Royalty Ltd. (TSE:PSK) shares hit a new 52-week high during mid-day 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 changing hands. The stock had previously closed at C$32.19.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and upped their target price for the stock from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. 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 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 stock an “outperform” rating in a research note on Tuesday, February 3rd. Scotiabank boosted 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. Finally, BMO Capital Markets increased their price objective on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the company an “outperform” 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$31.57.

PrairieSky Royalty Stock Up 3.2%

The firm’s 50-day moving average price is C$30.48 and its two-hundred day moving average price is C$27.70. The company has a debt-to-equity ratio of 9.54, a quick ratio of 0.65 and a current ratio of 0.64. The firm has a market cap 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.

Insider Activity

In other news, Director Margaret Anne Mckenzie bought 8,400 shares of the firm’s 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 transaction, 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. 0.54% of the stock is currently owned by company 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.