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

PrairieSky Royalty Ltd. (TSE:PSK) shares hit a new 52-week high on Friday . The stock traded as high as C$34.65 and last traded at C$34.58, with a volume of 41558 shares. The stock had previously closed at C$34.19.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. BMO Capital Markets increased their target price on PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 10th. TD Securities increased their target price on PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Raymond James Financial lowered PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and increased their target price for the stock from C$35.00 to C$35.50 in a research report on Monday, March 30th. National Bank Financial increased their target price on PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Finally, Scotiabank raised their price objective on PrairieSky Royalty from C$30.00 to C$31.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, PrairieSky Royalty currently has a consensus rating of “Moderate Buy” and an average target price of C$32.25.

PrairieSky Royalty Stock Up 2.4%

The firm has a 50-day simple moving average of C$32.35 and a 200 day simple moving average of C$29.35. 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$8.14 billion, a PE ratio of 40.71, a price-to-earnings-growth ratio of 0.47 and a beta of 0.57.

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.