PrairieSky Royalty (TSE:PSK) Reaches New 1-Year High - Here's What Happened

Key Points

• PrairieSky Royalty shares reached a new 52-week high, trading as high as C$37.11 and last changing hands at C$36.84, above the previous close of C$36.64.
• RBC raised its price target from C$36 to C$38 and reiterated an “outperform” rating. Analysts collectively give the stock a “Moderate Buy” consensus, although the average target of C$34.42 is below its current price.
• The company paid a quarterly dividend of C$0.265, equivalent to an annualized C$1.06 and a 2.9% yield; insiders also purchased 13,500 shares over the past three months.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as C$37.11 and last traded at C$36.84, with a volume of 98494 shares trading hands. The stock had previously closed at C$36.64.

Analyst Ratings Changes

Separately, 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 research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of C$34.42.

PrairieSky Royalty Stock Performance

The firm's fifty day moving average is C$34.11 and its 200 day moving average is C$33.06. The firm has a market capitalization of C$8.61 billion, a price-to-earnings ratio of 35.62, a PEG ratio of 0.47 and a beta of 0.73. The company has a debt-to-equity ratio of 6.88, a current ratio of 0.90 and a quick ratio of 0.65.

PrairieSky Royalty Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th were given a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. PrairieSky Royalty's dividend payout ratio is presently 100.96%.

Insider Transactions at PrairieSky Royalty

In other news, insider Ian Charles Dundas acquired 7,500 shares of the company's stock in a transaction that occurred on Friday, June 19th. The shares were purchased at an average price of C$31.89 per share, for a total transaction of C$239,175.00. Following the completion of the acquisition, the insider owned 27,500 shares of the company's stock, valued at approximately C$876,975. This represents a 37.50% increase in their position. Also, insider Pamela Pearl Kazeil acquired 2,500 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were acquired at an average cost of C$33.42 per share, for a total transaction of C$83,550.00. Following the transaction, the insider owned 3,220 shares of the company's stock, valued at approximately C$107,612.40. This represents a 347.22% increase in their position. Insiders bought 13,500 shares of company stock valued at $439,135 in the last three months. Corporate 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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