PrairieSky Royalty (TSE:PSK) Reaches New 12-Month High – Still a Buy?

Shares of PrairieSky Royalty Ltd. (TSE:PSK) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$37.11 and last traded at C$36.84, with a volume of 98494 shares changing hands. The stock had previously closed at C$36.64.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada upped their price objective on shares of PrairieSky Royalty from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. One research 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$34.42.

PrairieSky Royalty Price Performance

The stock has a 50 day moving average of C$34.11 and a two-hundred day moving average of C$33.06. The company has a debt-to-equity ratio of 6.88, a quick ratio of 0.65 and a current ratio of 0.90. The firm has a market capitalization of C$8.61 billion, a P/E ratio of 35.62, a P/E/G ratio of 0.47 and a beta of 0.73.

PrairieSky Royalty Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th were issued a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. PrairieSky Royalty’s dividend payout ratio (DPR) is 100.96%.

Insider Activity

In other news, insider Andrew Phillips acquired 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was acquired at an average cost of C$33.26 per share, with a total value of C$116,410.00. Following the acquisition, the insider owned 93,500 shares in the company, valued at approximately C$3,109,810. This represents a 3.89% increase in their ownership of the stock. Also, insider Ian Charles Dundas bought 7,500 shares of the stock in a transaction that occurred on Friday, June 19th. The stock was purchased at an average price of C$31.89 per share, for a total transaction 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. The trade was a 37.50% increase in their position. Insiders have bought a total of 13,500 shares of company stock valued at $439,135 over the last 90 days. 0.54% of the stock is currently owned by company 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. Property arrangements can be contracted as lease issuances, farmouts, drilling commitments, or seismic option agreements.