PrairieSky Royalty (TSE:PSK) Hits New 12-Month High – Should You Buy?

PrairieSky Royalty Ltd. (TSE:PSK)’s share price reached a new 52-week high on Friday . The stock traded as high as C$35.46 and last traded at C$35.32, with a volume of 83176 shares changing hands. The stock had previously closed at C$35.35.

Analyst Ratings Changes

A number of research analysts recently issued reports on PSK shares. Roth Capital upgraded PrairieSky Royalty to a “strong-buy” rating in a research note on Thursday, April 30th. Raymond James Financial cut PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and boosted their price objective for the company from C$35.00 to C$35.50 in a research note on Monday, March 30th. Finally, Royal Bank Of Canada increased their price objective 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 research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, PrairieSky Royalty currently has an average rating of “Moderate Buy” and a consensus price target of C$34.42.

PrairieSky Royalty Price Performance

The company has a 50-day moving average of C$33.42 and a 200-day moving average of C$31.74. The company has a debt-to-equity ratio of 6.88, a quick ratio of 0.65 and a current ratio of 0.90. The stock has a market cap of C$8.16 billion, a price-to-earnings ratio of 33.76, a PEG ratio of 0.47 and a beta of 0.75.

PrairieSky Royalty Announces Dividend

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

Insider Activity at PrairieSky Royalty

In related news, insider Ian Charles Dundas purchased 7,500 shares of the business’s stock in a transaction dated Friday, June 19th. The stock was acquired at an average price of C$31.89 per share, for a total transaction of C$239,175.00. Following the completion of the purchase, the insider directly 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. 0.54% of the stock is 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.