PrairieSky Royalty (TSE:PSK) Hits New 1-Year High – Time to Buy?

Shares of PrairieSky Royalty Ltd. (TSE:PSK) hit a new 52-week high on Tuesday . The stock traded as high as C$28.85 and last traded at C$28.33, with a volume of 20656 shares trading hands. The stock had previously closed at C$28.26.

Analysts Set New Price Targets

A number of research firms recently issued reports on PSK. Natl Bk Canada upgraded shares of PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 3rd. National Bankshares raised PrairieSky Royalty from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from C$32.00 to C$33.00 in a research report on Tuesday, October 21st. Scotiabank lifted their target price on PrairieSky Royalty from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 20th. Finally, Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and increased their price objective for the company from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$29.67.

PrairieSky Royalty Price Performance

The business’s fifty day moving average is C$27.21 and its 200 day moving average is C$25.68. The firm has a market capitalization of C$6.89 billion, a P/E ratio of 31.82, a P/E/G ratio of 0.47 and a beta of 0.74. The company has a current ratio of 0.63, a quick ratio of 0.65 and a debt-to-equity ratio of 3.48.

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.