PrairieSky Royalty (TSE:PSK) Hits New 52-Week High - Still a Buy?

Key Points

• PrairieSky Royalty reached a new 52-week high of C$35.58, with shares recently trading at C$35.55. Analysts maintain a “Moderate Buy” consensus, though the average price target of C$34.42 is below the current share price.
• RBC raised its price target from C$36 to C$38 and maintained an “outperform” rating, while Roth Capital upgraded the stock to “strong buy.”
• The company declared a quarterly dividend of C$0.265 per share, equivalent to C$1.06 annually and a 3.0% yield. Insiders also purchased 13,500 shares worth approximately C$439,135 over the past three months.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as C$35.58 and last traded at C$35.55, with a volume of 40526 shares trading hands. The stock had previously closed at C$35.33.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Roth Capital upgraded PrairieSky Royalty to a "strong-buy" rating in a report on Thursday, April 30th. Royal Bank Of Canada raised their price objective on PrairieSky Royalty from C$36.00 to C$38.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. 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 stock. Based on data from MarketBeat.com, PrairieSky Royalty has an average rating of "Moderate Buy" and an average target price of C$34.42.

PrairieSky Royalty Stock Performance

The firm has a market cap of C$8.26 billion, a P/E ratio of 34.15, a price-to-earnings-growth ratio of 0.47 and a beta of 0.73. The company has a current ratio of 0.90, a quick ratio of 0.65 and a debt-to-equity ratio of 6.88. The business's fifty day simple moving average is C$33.47 and its 200-day simple moving average is C$32.59.

PrairieSky Royalty Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 15th were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.06 annualized dividend and a dividend yield of 3.0%. PrairieSky Royalty's dividend payout ratio (DPR) is 100.96%.

Insider Buying and Selling

In other PrairieSky Royalty news, insider Pamela Pearl Kazeil bought 2,500 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were acquired at an average cost of C$33.42 per share, for a total transaction of C$83,550.00. Following the purchase, the insider owned 3,220 shares in the company, valued at approximately C$107,612.40. This trade represents a 347.22% increase in their position. Also, insider Ian Charles Dundas bought 7,500 shares of PrairieSky Royalty stock in a transaction on Friday, June 19th. The stock was acquired at an average cost of C$31.89 per share, with a total value of C$239,175.00. Following the acquisition, the insider owned 27,500 shares in the company, valued at approximately C$876,975. This represents a 37.50% increase in their position. Insiders bought a total of 13,500 shares of company stock worth $439,135 in the last three months. 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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