PrairieSky Royalty (TSE:PSK) Price Target Raised to C$38.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised PrairieSky Royalty’s price target to C$38.00 from C$36.00 and kept an outperform rating, implying about 13.3% upside from the prior close.
• Analyst views remain mixed overall: Raymond James downgraded the stock to hold, while Roth Capital upgraded it to strong-buy. MarketBeat shows a consensus rating of Moderate Buy with an average target of C$34.42.
• PrairieSky shares were trading around C$33.55, near their 52-week high of C$35.89, and insider Ian Charles Dundas recently bought 7,500 shares, increasing his position by 37.5%.

PrairieSky Royalty (TSE:PSK - Get Free Report) had its target price raised by investment analysts at Royal Bank Of Canada from C$36.00 to C$38.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target suggests a potential upside of 13.26% from the stock's previous close.

A number of other analysts also recently issued reports on PSK. Raymond James Financial downgraded PrairieSky Royalty from a "moderate buy" rating to a "hold" rating and lifted their price objective for the stock from C$35.00 to C$35.50 in a research note on Monday, March 30th. Roth Capital upgraded PrairieSky Royalty to a "strong-buy" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of C$34.42.

PrairieSky Royalty Price Performance

Shares of PSK traded up C$0.22 during midday trading on Wednesday, hitting C$33.55. 338,298 shares of the company traded hands, compared to its average volume of 542,604. The stock has a market cap of C$7.80 billion, a price-to-earnings ratio of 39.01, a PEG ratio of 0.47 and a beta of 0.75. The firm has a 50 day moving average of C$33.29 and a 200-day moving average of C$31.35. The company has a debt-to-equity ratio of 9.36, a quick ratio of 0.65 and a current ratio of 0.83. PrairieSky Royalty has a 52 week low of C$23.32 and a 52 week high of C$35.89.

Insider Buying and Selling at PrairieSky Royalty

In related news, insider Ian Charles Dundas purchased 7,500 shares of the firm's stock in a transaction that occurred on Friday, June 19th. The shares were bought at an average price of C$31.89 per share, for a total transaction of C$239,175.00. Following the acquisition, the insider owned 27,500 shares of the company's stock, valued at approximately C$876,975. This represents a 37.50% increase in their position. Corporate 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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