PrairieSky Royalty (TSE:PSK) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised PrairieSky Royalty’s price target to C$39 from C$38 and maintained an “outperform” rating, implying 7.35% upside. National Bank Financial also lifted its target to C$43 and reiterated “outperform.”
• Analyst sentiment remains positive, with one Strong Buy, four Buy, and two Hold ratings; MarketBeat’s consensus is “Moderate Buy,” with an average target price of C$35.92.
• PrairieSky shares recently traded at C$36.33, near their 52-week high of C$37.29. Two insiders also purchased shares, increasing their holdings, though corporate insiders collectively own just 0.54% of the company.

PrairieSky Royalty (TSE:PSK - Get Free Report) had its target price hoisted by stock analysts at Royal Bank Of Canada from C$38.00 to C$39.00 in a research note issued on Wednesday, BayStreet reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 7.35% from the company's current price.

Separately, National Bank Financial increased their price objective on shares of PrairieSky Royalty from C$42.00 to C$43.00 and gave the company an "outperform" rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$35.92.

PrairieSky Royalty Stock Performance

Shares of TSE PSK traded up C$0.01 during trading on Wednesday, reaching C$36.33. 601,938 shares of the company traded hands, compared to its average volume of 495,693. The firm has a 50 day simple moving average of C$35.21 and a 200-day simple moving average of C$33.97. PrairieSky Royalty has a 52-week low of C$24.76 and a 52-week high of C$37.29. The stock has a market capitalization of C$8.44 billion, a PE ratio of 34.93, a P/E/G ratio of 0.47 and a beta of 0.82. The company has a quick ratio of 0.65, a current ratio of 0.90 and a debt-to-equity ratio of 6.88.

Insiders Place Their Bets

In other news, insider Andrew Phillips acquired 3,500 shares of PrairieSky Royalty stock in a transaction that occurred on Wednesday, August 5th. The stock was bought at an average price of C$33.26 per share, for a total transaction of C$116,410.00. Following the completion of the transaction, the insider owned 93,500 shares in the company, valued at C$3,109,810. The trade was a 3.89% increase in their ownership of the stock. Also, insider Pamela Pearl Kazeil bought 2,500 shares of the stock in a transaction on Wednesday, August 5th. The stock was purchased at an average cost of C$33.42 per share, for a total transaction of C$83,550.00. Following the acquisition, the insider owned 3,220 shares of the company's stock, valued at C$107,612.40. This trade represents a 347.22% increase in their position. 0.54% of the stock is currently owned by corporate insiders.

About PrairieSky Royalty

PrairieSky is a royalty-focused company, generating royalty revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada.

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