PrairieSky Royalty (TSE:PSK) Hits New 1-Year High - Should You Buy?

Key Points

• PrairieSky Royalty hit a new 52-week high of C$34.50 (last C$34.48) on Monday with ~76,095 shares traded and a market capitalization of C$7.97 billion.
• Analysts show a consensus Moderate Buy with an average price target of C$32.25; individual firms have recently raised targets (up to C$35.50) and ratings range from Strong Buy to Hold.
• Insider activity: a director purchased 8,400 shares at C$29.92 on Feb. 11, increasing her ownership by 13.9%, while total insider ownership is about 0.54%.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as C$34.50 and last traded at C$34.48, with a volume of 76095 shares changing hands. The stock had previously closed at C$34.35.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Roth Mkm raised shares of PrairieSky Royalty to a "strong-buy" rating in a research report on Thursday. Raymond James Financial cut shares of PrairieSky Royalty from a "moderate buy" rating to a "hold" rating and boosted their target price for the stock from C$35.00 to C$35.50 in a research note on Monday, March 30th. BMO Capital Markets raised their price objective 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. National Bank Financial upped their price target 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. Finally, TD Securities upped their price objective on shares of 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of C$32.25.

PrairieSky Royalty Trading Down 0.1%

The stock has a market cap of C$7.97 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 0.47 and a beta of 0.57. The business has a fifty day simple moving average of C$31.89 and a 200 day simple moving average of C$28.86. The company has a debt-to-equity ratio of 9.36, a quick ratio of 0.65 and a current ratio of 0.83.

Insider Buying and Selling at PrairieSky Royalty

In other news, Director Margaret Anne Mckenzie acquired 8,400 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was purchased at an average cost of C$29.92 per share, with a total value of C$251,328.00. Following the completion of the acquisition, the director directly owned 68,850 shares in the company, valued at C$2,059,992. This represents a 13.90% increase in their ownership of the stock. Insiders own 0.54% of the company's stock.

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.

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