PrairieSky Royalty (TSE:PSK) Sets New 52-Week High - Should You Buy?

Key Points

• PrairieSky Royalty reached a new 52-week high of C$36.68, up from its prior close of C$36.05, giving the company a market capitalization of approximately C$8.57 billion.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of C$34.42, although the shares are trading above that target; RBC recently raised its target to C$38.00.
• The company maintains a quarterly dividend of C$0.265 per share, equal to an annualized C$1.06 and a 2.9% yield, while insiders purchased 13,500 shares worth approximately C$439,135 during the last quarter.

Shares of PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$36.68 and last traded at C$36.68, with a volume of 38625 shares traded. The stock had previously closed at C$36.05.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Roth Capital upgraded PrairieSky Royalty to a "strong-buy" rating in a research report on Thursday, April 30th. Royal Bank Of Canada raised their price target on PrairieSky Royalty from C$36.00 to C$38.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, PrairieSky Royalty currently has a consensus rating of "Moderate Buy" and a consensus target price of C$34.42.

PrairieSky Royalty Stock Performance

The business has a fifty day simple moving average of C$33.75 and a two-hundred day simple moving average of C$32.87. The company has a debt-to-equity ratio of 6.88, a current ratio of 0.90 and a quick ratio of 0.65. The company has a market cap of C$8.57 billion, a PE ratio of 35.46, a price-to-earnings-growth ratio of 0.47 and a beta of 0.73.

PrairieSky Royalty Announces Dividend

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

Insider Transactions at PrairieSky Royalty

In other PrairieSky Royalty news, insider Pamela Pearl Kazeil purchased 2,500 shares of the stock in a transaction on Wednesday, August 5th. The stock was acquired at an average price of C$33.42 per share, with a total value of C$83,550.00. Following the completion of the acquisition, the insider owned 3,220 shares in the company, valued at C$107,612.40. The trade was a 347.22% increase in their ownership of the stock. Also, insider Andrew Phillips purchased 3,500 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were acquired at an average price of C$33.26 per share, for a total transaction of C$116,410.00. Following the purchase, the insider directly owned 93,500 shares of the company's stock, valued at approximately C$3,109,810. The trade was a 3.89% increase in their position. Insiders acquired 13,500 shares of company stock valued at $439,135 in the last quarter. 0.54% of the stock is currently owned by corporate 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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