PrairieSky Royalty (TSE:PSK) Hits New 12-Month High – Should You Buy?

PrairieSky Royalty Ltd. (TSE:PSK) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$32.09 and last traded at C$31.79, with a volume of 700353 shares trading hands. The stock had previously closed at C$31.14.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PSK shares. National Bank Financial upped their target price on PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Raymond James Financial raised shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and increased their price target for the company from C$30.00 to C$35.00 in a research report on Tuesday, December 9th. BMO Capital Markets upped their price target 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. Scotiabank boosted their price target on PrairieSky Royalty from C$30.00 to C$31.00 and gave the company a “sector perform” rating in a report on Tuesday, February 10th. Finally, TD Securities raised their price objective on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, PrairieSky Royalty currently has a consensus rating of “Moderate Buy” and a consensus price target of C$31.57.

PrairieSky Royalty Trading Up 0.3%

The company has a market capitalization of C$7.21 billion, a PE ratio of 35.63, a PEG ratio of 0.47 and a beta of 0.79. The company has a fifty day simple moving average of C$28.72 and a 200-day simple moving average of C$26.76. The company has a current ratio of 0.64, a quick ratio of 0.65 and a debt-to-equity ratio of 9.54.

Insider Buying and Selling at PrairieSky Royalty

In related news, Director Margaret Anne Mckenzie bought 8,400 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was purchased at an average price of C$29.92 per share, for a total transaction of C$251,328.00. Following the acquisition, the director owned 68,850 shares of the company’s stock, 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 corporate 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.