PrairieSky Royalty (TSE:PSK) Sets New 12-Month High – Time to Buy?

PrairieSky Royalty Ltd. (TSE:PSK)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as C$34.50 and last traded at C$34.48, with a volume of 76095 shares. The stock had previously closed at C$34.35.

Analysts Set New Price Targets

Several research firms recently commented on PSK. TD Securities increased their target price on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Raymond James Financial downgraded PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and upped their target price for the company from C$35.00 to C$35.50 in a report on Monday, March 30th. BMO Capital Markets increased their price objective 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. Roth Mkm raised shares of PrairieSky Royalty to a “strong-buy” rating in a research report on Thursday. Finally, National Bank Financial raised 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. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$32.25.

PrairieSky Royalty Stock Performance

The company has a debt-to-equity ratio of 9.36, a current ratio of 0.83 and a quick ratio of 0.65. The company has a market capitalization of C$7.97 billion, a price-to-earnings ratio of 39.90, a price-to-earnings-growth ratio of 0.47 and a beta of 0.57. The stock has a 50 day moving average price of C$31.89 and a two-hundred day moving average price of C$28.86.

Insider Activity at PrairieSky Royalty

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