PrairieSky Royalty (TSE:PSK) Share Price Passes Above 50-Day Moving Average – Here’s What Happened

PrairieSky Royalty Ltd. (TSE:PSK)’s stock price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$23.45 and traded as high as C$23.57. PrairieSky Royalty shares last traded at C$23.53, with a volume of 450,553 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Scotiabank upgraded PrairieSky Royalty to a “hold” rating in a report on Wednesday, March 19th. TD Securities upgraded PrairieSky Royalty from a “hold” rating to a “buy” rating and set a C$27.00 target price on the stock in a report on Wednesday, April 9th. Finally, CIBC dropped their target price on PrairieSky Royalty from C$31.50 to C$28.00 in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$30.86.

PrairieSky Royalty Stock Up 0.3%

The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.65 and a current ratio of 0.63. The firm has a fifty day simple moving average of C$23.45 and a 200-day simple moving average of C$25.64. The company has a market capitalization of C$5.61 billion, a PE ratio of 26.06, a P/E/G ratio of 0.47 and a beta of 1.78.

Insiders Place Their Bets

In other PrairieSky Royalty news, Senior Officer Pamela Pearl Kazeil acquired 2,000 shares of the company’s stock in a transaction on Tuesday, April 22nd. The shares were bought at an average cost of C$23.57 per share, for a total transaction of C$47,147.00. Also, Senior Officer Andrew Phillips acquired 20,000 shares of the company’s stock in a transaction on Wednesday, April 16th. The shares were acquired at an average price of C$23.70 per share, for a total transaction of C$473,962.00. Insiders have acquired 24,990 shares of company stock worth $591,699 in the last three months. 0.54% of the stock is owned by insiders.

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.