Brokerages Set PrairieSky Royalty Ltd. (TSE:PSK) Target Price at C$32.25

PrairieSky Royalty Ltd. (TSE:PSK) has earned an average recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is C$32.25.

PSK has been the topic of several recent analyst reports. Raymond James Financial lowered shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and increased their target price for the stock from C$35.00 to C$35.50 in a research note on Monday, March 30th. Roth Mkm upgraded PrairieSky Royalty to a “strong-buy” rating in a report on Thursday, April 30th.

Insider Activity at PrairieSky Royalty

In other news, insider Ian Charles Dundas purchased 7,500 shares of the company’s stock in a transaction that occurred on Friday, June 19th. The stock was purchased at an average cost of C$31.89 per share, for a total transaction of C$239,175.00. Following the completion of the transaction, the insider owned 27,500 shares of the company’s stock, valued at C$876,975. This trade represents a 37.50% increase in their ownership of the stock. Insiders own 0.54% of the company’s stock.

PrairieSky Royalty Trading Down 0.3%

PSK stock opened at C$32.12 on Monday. The company’s 50-day simple moving average is C$33.38 and its 200-day simple moving average is C$30.90. The company has a quick ratio of 0.65, a current ratio of 0.83 and a debt-to-equity ratio of 9.36. PrairieSky Royalty has a 52-week low of C$23.17 and a 52-week high of C$35.89. The firm has a market cap of C$7.46 billion, a P/E ratio of 37.35, a PEG ratio of 0.47 and a beta of 0.75.

PrairieSky Royalty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 15th will be given a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, June 30th. PrairieSky Royalty’s payout ratio is presently 121.51%.

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.