PrairieSky Royalty (TSE:PSK) Reaches New 1-Year High – Here’s Why

PrairieSky Royalty Ltd. (TSE:PSK) hit a new 52-week high during trading on Tuesday . The company traded as high as C$37.11 and last traded at C$36.84, with a volume of 98494 shares changing hands. The stock had previously closed at C$36.64.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada increased their price objective on PrairieSky Royalty from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. One 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 company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$34.42.

PrairieSky Royalty Price Performance

The company has a quick ratio of 0.65, a current ratio of 0.90 and a debt-to-equity ratio of 6.88. The company’s fifty day moving average price is C$34.30 and its 200 day moving average price is C$33.16. The company has a market capitalization of C$8.54 billion, a P/E ratio of 35.31, a PEG ratio of 0.47 and a beta of 0.73.

PrairieSky Royalty Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 15th were given a $0.265 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.9%. PrairieSky Royalty’s dividend payout ratio (DPR) is presently 100.96%.

Insider Activity at PrairieSky Royalty

In other news, insider Pamela Pearl Kazeil acquired 2,500 shares of PrairieSky Royalty stock in a transaction on Wednesday, August 5th. The shares were purchased at an average cost of C$33.42 per share, for a total transaction of C$83,550.00. Following the completion of the purchase, the insider directly owned 3,220 shares of the company’s stock, valued at approximately C$107,612.40. This represents a 347.22% increase in their position. Also, insider Ian Charles Dundas bought 7,500 shares of the company’s stock in a transaction dated Friday, June 19th. The stock was purchased at an average price of C$31.89 per share, with a total value of C$239,175.00. Following the completion of the transaction, the insider directly owned 27,500 shares in the company, valued at approximately C$876,975. This represents a 37.50% increase in their position. Insiders purchased a total of 13,500 shares of company stock valued at $439,135 over the last quarter. 0.54% of the stock is owned by corporate 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.