PrairieSky Royalty (TSE:PSK) Stock Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• PrairieSky Royalty's shares have crossed above their 50-day moving average of C$23.82, reaching a high of C$24.24 during trading.
• Wall Street analysts have varied opinions on the stock, with target price revisions ranging from C$25.00 to C$29.00, and an average price target of C$29.86.
• The company has a market cap of C$5.67 billion and a price-to-earnings ratio of 25.88, indicating a moderately priced stock in the market.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report) shares passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$23.82 and traded as high as C$24.24. PrairieSky Royalty shares last traded at C$24.07, with a volume of 187,586 shares changing hands.

Wall Street Analysts Forecast Growth

PSK has been the topic of several recent research reports. Raymond James Financial increased their price objective on PrairieSky Royalty from C$28.00 to C$29.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 15th. Canaccord Genuity Group dropped their price target on PrairieSky Royalty from C$26.00 to C$25.00 and set a "hold" rating for the company in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$29.86.

PrairieSky Royalty Price Performance

The stock has a market cap of C$5.79 billion, a P/E ratio of 26.42, a price-to-earnings-growth ratio of 0.47 and a beta of 0.77. The business has a 50-day simple moving average of C$23.86 and a 200 day simple moving average of C$24.26. The company has a current ratio of 0.63, a quick ratio of 0.65 and a debt-to-equity ratio of 3.48.

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.