PrairieSky Royalty (TSE:PSK) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

PrairieSky Royalty (TSE:PSK) had its price objective lifted by equities research analysts at Royal Bank Of Canada from C$36.00 to C$38.00 in a research note issued on Wednesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target points to a potential upside of 13.26% from the company’s current price.

A number of other research firms have also recently commented on PSK. Roth Capital raised 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 report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$34.42.

PrairieSky Royalty Trading Up 0.7%

PrairieSky Royalty stock traded up C$0.22 during midday trading on Wednesday, reaching C$33.55. The stock had a trading volume of 338,298 shares, compared to its average volume of 542,604. The company has a quick ratio of 0.65, a current ratio of 0.83 and a debt-to-equity ratio of 9.36. The firm has a market cap of C$7.80 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 0.47 and a beta of 0.75. PrairieSky Royalty has a 52-week low of C$23.32 and a 52-week high of C$35.89. The company has a fifty day moving average of C$33.29 and a 200 day moving average of C$31.35.

Insider Activity

In other news, insider Ian Charles Dundas acquired 7,500 shares of the company’s stock in a transaction that occurred on Friday, June 19th. The shares were bought at an average price of C$31.89 per share, with a total value of C$239,175.00. Following the completion of the purchase, the insider directly owned 27,500 shares in the company, valued at C$876,975. This trade represents a 37.50% increase in their ownership of the stock. Insiders own 0.54% of the company’s stock.

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.