PrairieSky Royalty (TSE:PSK) Reaches New 52-Week High – Should You Buy?

PrairieSky Royalty Ltd. (TSE:PSK) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$35.46 and last traded at C$35.32, with a volume of 83176 shares. The stock had previously closed at C$35.35.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Roth Capital raised PrairieSky Royalty to a “strong-buy” rating in a research note on Thursday, April 30th. Raymond James Financial lowered PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and upped their price objective for the stock from C$35.00 to C$35.50 in a report on Monday, March 30th. Finally, Royal Bank Of Canada raised their target price on PrairieSky Royalty from C$36.00 to C$38.00 and gave the company an “outperform” rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, PrairieSky Royalty presently has a consensus rating of “Moderate Buy” and an average target price of C$34.42.

PrairieSky Royalty Trading Down 0.1%

The company has a debt-to-equity ratio of 6.88, a current ratio of 0.90 and a quick ratio of 0.65. The firm has a market cap of C$8.21 billion, a price-to-earnings ratio of 33.96, a price-to-earnings-growth ratio of 0.47 and a beta of 0.75. The business’s 50-day moving average price is C$33.42 and its two-hundred day moving average price is C$31.71.

PrairieSky Royalty Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th were issued a $0.265 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.06 annualized dividend and a yield of 3.0%. PrairieSky Royalty’s payout ratio is 100.96%.

Insider Buying and Selling at PrairieSky Royalty

In other PrairieSky Royalty news, insider Ian Charles Dundas purchased 7,500 shares of PrairieSky Royalty stock in a transaction on Friday, June 19th. The shares were bought at an average price of C$31.89 per share, with a total value of C$239,175.00. Following the purchase, the insider directly owned 27,500 shares in the company, valued at C$876,975. This trade represents a 37.50% increase in their position. 0.54% of the stock is currently owned by corporate insiders.

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.