PrairieSky Royalty (TSE:PSK) Stock Crosses Above 50 Day Moving Average - Here's Why

Key Points

• PrairieSky Royalty shares crossed above their 50-day moving average, reaching C$35.08 before closing at C$34.67 on volume of 552,807 shares.
• Analyst sentiment is positive, with a consensus rating of “Moderate Buy”. RBC raised its price target to C$38.00, while the consensus target is C$34.42.
• The company pays a quarterly dividend of C$0.265, equivalent to an annualized C$1.06 dividend and a 3.1% yield; an insider also increased ownership by purchasing 7,500 shares.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$33.40 and traded as high as C$35.08. PrairieSky Royalty shares last traded at C$34.67, with a volume of 552,807 shares.

Analysts Set New Price Targets

PSK has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their target price on shares of PrairieSky Royalty from C$36.00 to C$38.00 and gave the company an "outperform" rating in a report on Wednesday, July 15th. Roth Capital upgraded PrairieSky Royalty to a "strong-buy" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, PrairieSky Royalty presently has an average rating of "Moderate Buy" and a consensus price target of C$34.42.

PrairieSky Royalty Stock Performance

The stock has a market capitalization of C$8.06 billion, a price-to-earnings ratio of 33.34, a price-to-earnings-growth ratio of 0.47 and a beta of 0.75. The company has a 50 day simple moving average of C$33.40 and a 200-day simple moving average of C$32.03. The company has a quick ratio of 0.65, a current ratio of 0.90 and a debt-to-equity ratio of 6.88.

PrairieSky Royalty Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 15th were paid a $0.265 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.06 annualized dividend and a dividend yield of 3.1%. PrairieSky Royalty's payout ratio is currently 100.96%.

Insider Activity

In related news, insider Ian Charles Dundas bought 7,500 shares of the company'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 transaction, the insider directly owned 27,500 shares of the company's stock, valued at approximately C$876,975. The trade was a 37.50% increase in their ownership of the stock. 0.54% of the stock is owned by insiders.

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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