PrairieSky Royalty (TSE:PSK) Stock Passes Below 50-Day Moving Average – Here’s Why

PrairieSky Royalty Ltd. (TSE:PSK)’s stock price crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$33.38 and traded as low as C$31.94. PrairieSky Royalty shares last traded at C$32.81, with a volume of 426,641 shares.

Wall Street Analysts Forecast Growth

Several research firms have commented on PSK. Raymond James Financial lowered shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and increased their price target for the company from C$35.00 to C$35.50 in a research report on Monday, March 30th. Roth Capital upgraded shares of PrairieSky Royalty to a “strong-buy” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$32.25.

PrairieSky Royalty Trading Up 0.0%

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 stock has a market cap of C$7.52 billion, a price-to-earnings ratio of 37.63, a P/E/G ratio of 0.47 and a beta of 0.75. The company’s fifty day moving average price is C$33.33 and its 200-day moving average price is C$31.24.

PrairieSky Royalty Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 15th will be paid a dividend of $0.265 per share. This represents a $1.06 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, June 30th. PrairieSky Royalty’s payout ratio is presently 121.51%.

Insider Activity

In other news, insider Ian Charles Dundas bought 7,500 shares of PrairieSky Royalty stock in a transaction that occurred on Friday, June 19th. The stock was bought at an average price of C$31.89 per share, for a total transaction of C$239,175.00. Following the purchase, the insider directly owned 27,500 shares of the company’s stock, valued at approximately C$876,975. The trade was a 37.50% increase in their position. 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.