PrairieSky Royalty (TSE:PSK) Sets New 12-Month High – Here’s Why

Shares of PrairieSky Royalty Ltd. (TSE:PSK) hit a new 52-week high on Friday . The stock traded as high as C$33.21 and last traded at C$33.21, with a volume of 1081228 shares trading hands. The stock had previously closed at C$32.19.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PSK shares. Scotiabank raised their target price 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. BMO Capital Markets lifted their target price on PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 10th. National Bank Financial upped their target price 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. TD Securities boosted their price objective on PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Finally, Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and upped their price target for the company from C$30.00 to C$35.00 in a research report on Tuesday, December 9th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of C$31.57.

PrairieSky Royalty Trading Up 3.2%

The company has a 50 day moving average of C$30.37 and a 200 day moving average of C$27.61. The firm has a market cap of C$7.73 billion, a P/E ratio of 38.17, a PEG ratio of 0.47 and a beta of 0.65. The company has a debt-to-equity ratio of 9.54, a quick ratio of 0.65 and a current ratio of 0.64.

Insider Buying and Selling

In other PrairieSky Royalty news, Director Margaret Anne Mckenzie bought 8,400 shares of the stock in a transaction on Wednesday, February 11th. The shares were purchased at an average cost of C$29.92 per share, with a total value of C$251,328.00. Following the completion of the transaction, the director directly owned 68,850 shares of the company’s stock, valued at C$2,059,992. This represents a 13.90% increase in their position. 0.54% of the stock is owned by 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.