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

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report)'s stock price passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$23.47 and traded as high as C$23.94. PrairieSky Royalty shares last traded at C$23.67, with a volume of 110,568 shares traded.

Analysts Set New Price Targets

Several brokerages recently issued reports on PSK. TD Securities upgraded shares of PrairieSky Royalty from a "hold" rating to a "buy" rating and set a C$27.00 price target for the company in a research note on Wednesday, April 9th. CIBC dropped their price objective on shares of PrairieSky Royalty from C$31.50 to C$28.00 in a research note on Thursday, April 10th. Finally, Scotiabank raised shares of PrairieSky Royalty to a "hold" rating in a research note on Wednesday, March 19th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, PrairieSky Royalty has an average rating of "Moderate Buy" and a consensus price target of C$30.86.

PrairieSky Royalty Stock Performance

The firm has a market capitalization of C$5.64 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 0.47 and a beta of 1.78. 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 business's 50 day simple moving average is C$23.47 and its two-hundred day simple moving average is C$25.42.

Insiders Place Their Bets

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