PrairieSky Royalty (TSE:PSK) Sets New 52-Week High - Here's Why

Key Points

• PrairieSky Royalty hit a new 52-week high, trading as high as C$33.50 and last at C$33.08 on Monday with about 77,481 shares changing hands.
• Several analysts raised price targets in February (e.g., BMO to C$34, National Bank to C$35, TD to C$33), and MarketBeat reports a consensus of "Moderate Buy" with an average target of C$32.25.
• A director, Margaret Anne Mckenzie, purchased 8,400 shares at C$29.92 on Feb. 11 (a 13.9% increase in her position), while insiders own roughly 0.54% of the company.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as C$33.50 and last traded at C$33.08, with a volume of 77481 shares trading hands. The stock had previously closed at C$32.70.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSK. Scotiabank lifted their price target on shares of PrairieSky Royalty from C$30.00 to C$31.00 and gave the stock a "sector perform" rating in a report on Tuesday, February 10th. BMO Capital Markets boosted their target price on PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 10th. National Bank Financial upped their target price on PrairieSky Royalty from C$32.00 to C$35.00 and gave the company an "outperform" rating in a research report on Tuesday, February 3rd. Raymond James Financial cut 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 note on Monday, March 30th. Finally, TD Securities boosted their price target on PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a "buy" rating in a research note on Tuesday, February 10th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of C$32.25.

PrairieSky Royalty Stock Down 0.5%

The business has a 50 day moving average price of C$31.62 and a 200 day moving average price of C$28.62. The company has a quick ratio of 0.65, a current ratio of 0.83 and a debt-to-equity ratio of 9.36. The stock has a market cap of C$7.56 billion, a PE ratio of 37.83, a P/E/G ratio of 0.47 and a beta of 0.50.

Insiders Place Their Bets

In other news, Director Margaret Anne Mckenzie acquired 8,400 shares of the firm's stock in a transaction on Wednesday, February 11th. The stock was acquired at an average price of C$29.92 per share, for a total transaction of C$251,328.00. Following the completion of the transaction, the director owned 68,850 shares in the company, valued at approximately C$2,059,992. The trade was a 13.90% increase in their position. Insiders own 0.54% of the company's stock.

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.

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