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

Key Points

• PrairieSky Royalty shares crossed above their 50-day moving average, reaching C$35.64 before last trading at C$35.04; the stock’s 50-day and 200-day averages are C$35.09 and C$33.89, respectively.
• Analyst sentiment is positive, with an overall “Moderate Buy” rating; Royal Bank of Canada raised its price target from C$36 to C$38 and maintained an “outperform” rating.
• The company pays a quarterly dividend of C$0.265 per share, equivalent to C$1.06 annually and a 3.0% yield, while two insiders recently purchased shares.

PrairieSky Royalty Ltd. (TSE:PSK - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of C$35.09 and traded as high as C$35.64. PrairieSky Royalty shares last traded at C$35.04, with a volume of 348,646 shares changing hands.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada boosted their price target 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. One investment 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$34.42.

PrairieSky Royalty Stock Down 0.5%

The business has a 50 day simple moving average of C$35.09 and a 200 day simple moving average of C$33.89. 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 stock has a market cap of C$8.14 billion, a PE ratio of 33.69, a P/E/G ratio of 0.47 and a beta of 0.82.

PrairieSky Royalty Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 15th were issued a dividend of $0.2650 per share. This represents a $1.06 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, September 29th. PrairieSky Royalty's payout ratio is currently 100.96%.

Insider Activity

In other news, insider Pamela Pearl Kazeil acquired 2,500 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The shares were purchased at an average price of C$33.42 per share, for a total transaction of C$83,550.00. Following the completion of the acquisition, 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. Also, insider Andrew Phillips acquired 3,500 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was purchased at an average price of C$33.26 per share, for a total transaction of C$116,410.00. Following the acquisition, the insider directly owned 93,500 shares of the company's stock, valued at C$3,109,810. The trade was a 3.89% increase in their position. 0.54% of the stock is owned by insiders.

About PrairieSky Royalty

PrairieSky is a royalty-focused company, generating royalty revenues as oil and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada.

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