PrairieSky Royalty (TSE:PSK) Share Price Passes Above 50-Day Moving Average - Here's What Happened

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report)'s share price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$23.45 and traded as high as C$23.57. PrairieSky Royalty shares last traded at C$23.53, with a volume of 450,553 shares traded.

Analyst Ratings Changes

A number of analysts recently commented on the company. TD Securities upgraded PrairieSky Royalty from a "hold" rating to a "buy" rating and set a C$27.00 price objective for the company in a research report on Wednesday, April 9th. CIBC dropped their price objective on PrairieSky Royalty from C$31.50 to C$28.00 in a research report on Thursday, April 10th. Finally, Scotiabank raised PrairieSky Royalty to a "hold" rating in a research note on Wednesday, March 19th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of C$30.86.

PrairieSky Royalty Trading Up 0.3%

The business has a 50 day simple moving average of C$23.45 and a 200-day simple moving average of C$25.64. The company has a current ratio of 0.63, a quick ratio of 0.65 and a debt-to-equity ratio of 3.48. The stock has a market capitalization of C$5.61 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 0.47 and a beta of 1.78.

Insider Activity

In other news, Senior Officer Pamela Pearl Kazeil acquired 2,000 shares of PrairieSky Royalty stock in a transaction dated Tuesday, April 22nd. The shares were acquired at an average cost of C$23.57 per share, with a total value of C$47,147.00. Also, Senior Officer Daniel James Bertram acquired 1,990 shares of PrairieSky Royalty stock in a transaction dated Monday, May 12th. The stock was purchased at an average cost of C$23.63 per share, for a total transaction of C$47,024.70. Insiders have bought 24,990 shares of company stock valued at $591,699 in the last three months. 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.

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