PrairieSky Royalty (TSE:PSK) Hits New 52-Week High on Analyst Upgrade

PrairieSky Royalty Ltd. (TSE:PSK) shares reached a new 52-week high during trading on Tuesday after Scotiabank raised their price target on the stock from C$30.00 to C$31.00. Scotiabank currently has a sector perform rating on the stock. PrairieSky Royalty traded as high as C$30.56 and last traded at C$30.31, with a volume of 285621 shares trading hands. The stock had previously closed at C$30.22.

Other analysts also recently issued reports about the stock. BMO Capital Markets increased their price objective on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday. Raymond James Financial upgraded PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and increased their target price for the company from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. Natl Bk Canada upgraded PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. National Bank Financial boosted their target price on PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Finally, TD Securities lifted their price target on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$31.57.

Insider Activity

In other news, Director Margaret Anne Mckenzie bought 8,400 shares of PrairieSky Royalty stock in a transaction that occurred on Wednesday, February 11th. The stock was bought at an average cost of C$29.92 per share, with a total value of C$251,328.00. Following the acquisition, the director owned 68,850 shares of the company’s stock, valued at C$2,059,992. The trade was a 13.90% increase in their position. Company insiders own 0.54% of the company’s stock.

PrairieSky Royalty Trading Down 0.9%

The company has a debt-to-equity ratio of 3.48, a current ratio of 0.63 and a quick ratio of 0.65. The stock has a market cap of C$6.94 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 0.47 and a beta of 0.79. The stock has a 50-day moving average price of C$27.80 and a two-hundred day moving average price of C$26.08.

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.