PrairieSky Royalty (TSE:PSK) Reaches New 52-Week High – Time to Buy?

PrairieSky Royalty Ltd. (TSE:PSK) shares hit a new 52-week high during trading on Thursday . The company traded as high as C$30.82 and last traded at C$30.80, with a volume of 44527 shares. The stock had previously closed at C$30.13.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSK. BMO Capital Markets lifted their target price on PrairieSky Royalty from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 10th. TD Securities raised their price objective on 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. National Bank Financial upped their target price on shares of PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and increased their target price for the company from C$30.00 to C$35.00 in a report on Tuesday, December 9th. Finally, Scotiabank boosted their price target on shares of PrairieSky Royalty from C$30.00 to C$31.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 10th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, PrairieSky Royalty currently has an average rating of “Moderate Buy” and an average target price of C$31.57.

PrairieSky Royalty Stock Performance

The company’s 50-day moving average is C$27.98 and its two-hundred day moving average is C$26.26. The company has a quick ratio of 0.65, a current ratio of 0.63 and a debt-to-equity ratio of 3.48. The company has a market cap of C$7.13 billion, a P/E ratio of 35.21, a price-to-earnings-growth ratio of 0.47 and a beta of 0.79.

Insider Activity

In other news, Director Margaret Anne Mckenzie acquired 8,400 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were acquired at an average price of C$29.92 per share, for a total transaction of C$251,328.00. Following the completion of the purchase, the director owned 68,850 shares in the company, valued at approximately C$2,059,992. This trade represents a 13.90% increase in their ownership of the stock. 0.54% of the stock is currently 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. Property arrangements can be contracted as lease issuances, farmouts, drilling commitments, or seismic option agreements.