PrairieSky Royalty (TSE:PSK) Hits New 1-Year High – Should You Buy?

PrairieSky Royalty Ltd. (TSE:PSK) hit a new 52-week high during trading on Wednesday . The stock 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.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Scotiabank raised 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. TD Securities raised their target price on PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. National Bank Financial boosted their price target on PrairieSky Royalty from C$32.00 to C$35.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. BMO Capital Markets upped their price target on 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. Finally, Raymond James Financial upgraded PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and increased their price objective for the stock from C$30.00 to C$35.00 in a report on Tuesday, December 9th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, PrairieSky Royalty currently has an average rating of “Moderate Buy” and a consensus target price of C$31.57.

PrairieSky Royalty Price Performance

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

Insider Activity

In other news, Director Margaret Anne Mckenzie bought 8,400 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was purchased at an average price of C$29.92 per share, with a total value of C$251,328.00. Following the transaction, the director 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. Corporate insiders own 0.54% of the company’s stock.

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.