Skeena Resources (TSE:SKE) Sets New 52-Week High - Still a Buy?

Key Points

• Skeena Resources Limited shares reached a new 52-week high, trading up to C$25.84, with analysts showing optimistic projections for the stock.
• Analysts have increased their price targets for Skeena Resources, with CIBC setting a target of C$26.00, and the company holding a consensus rating of “Strong Buy”.
• Insider Director Craig Andrew Parry sold 15,000 shares at an average price of C$20.48, reducing his ownership by 6.23%.

Skeena Resources Limited (TSE:SKE - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$25.84 and last traded at C$25.63, with a volume of 215063 shares changing hands. The stock had previously closed at C$24.27.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. CIBC upped their price objective on shares of Skeena Resources from C$19.00 to C$26.00 in a research note on Monday, July 21st. TD Securities raised shares of Skeena Resources to a "strong-buy" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada upped their price target on shares of Skeena Resources from C$23.00 to C$26.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Finally, Raymond James Financial upped their price target on shares of Skeena Resources from C$21.00 to C$26.00 in a research report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and a consensus target price of C$23.00.

Skeena Resources Stock Up 6.1%

The firm's 50-day moving average price is C$22.01 and its 200-day moving average price is C$18.68. The company has a market cap of C$2.96 billion, a price-to-earnings ratio of -17.16 and a beta of 1.67. The company has a debt-to-equity ratio of 19.27, a current ratio of 1.87 and a quick ratio of 1.55.

Insider Activity

In other news, Director Craig Andrew Parry sold 15,000 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of C$20.48, for a total value of C$307,203.00. Following the completion of the sale, the director owned 225,926 shares of the company's stock, valued at C$4,627,009.67. This represents a 6.23% decrease in their ownership of the stock. 1.51% of the stock is owned by insiders.

About Skeena Resources

Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.

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