PrairieSky Royalty (TSE:PSK) Downgraded by CIBC

CIBC cut shares of PrairieSky Royalty (TSE:PSK - Free Report) from an outperform rating to a neutral rating in a research report report published on Monday, BayStreet.CA reports. They currently have C$31.00 price target on the stock, up from their previous price target of C$27.50.

A number of other brokerages have also weighed in on PSK. National Bankshares boosted their price target on PrairieSky Royalty from C$15.00 to C$18.50 and gave the stock an outperform rating in a research note on Friday. BMO Capital Markets set a C$30.00 price target on PrairieSky Royalty and gave the stock an outperform rating in a research note on Wednesday, March 13th. Canaccord Genuity Group boosted their price target on PrairieSky Royalty from C$24.75 to C$28.00 and gave the stock a hold rating in a research note on Wednesday, April 17th. ATB Capital boosted their price target on PrairieSky Royalty from C$26.50 to C$27.00 and gave the stock a sector perform rating in a research note on Wednesday, March 20th. Finally, Raymond James reduced their price target on shares of PrairieSky Royalty from C$33.00 to C$28.00 and set an outperform rating for the company in a research report on Friday, January 19th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of C$26.48.

PrairieSky Royalty Stock Down 1.0 %

PSK traded down C$0.28 on Monday, hitting C$27.45. The company had a trading volume of 352,825 shares, compared to its average volume of 294,502. The stock has a fifty day moving average price of C$25.55 and a 200-day moving average price of C$24.37. PrairieSky Royalty has a 12-month low of C$20.60 and a 12-month high of C$28.42. The company has a debt-to-equity ratio of 6.80, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market capitalization of C$6.56 billion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 0.47 and a beta of 1.81.

PrairieSky Royalty (TSE:PSK - Get Free Report) last issued its quarterly earnings results on Monday, February 12th. The company reported C$0.28 earnings per share for the quarter, topping analysts' consensus estimates of C$0.22 by C$0.06. PrairieSky Royalty had a return on equity of 8.22% and a net margin of 47.46%. The business had revenue of C$136.60 million for the quarter. Analysts predict that PrairieSky Royalty will post 1.0488722 EPS for the current fiscal year.

PrairieSky Royalty Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.64%. This is a positive change from PrairieSky Royalty's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Wednesday, March 27th. PrairieSky Royalty's payout ratio is 105.26%.

Insider Activity

In other news, Director Leanne M. Bellegarde sold 6,650 shares of PrairieSky Royalty stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of C$25.78, for a total transaction of C$171,437.00. In related news, Director Leanne M. Bellegarde sold 6,650 shares of PrairieSky Royalty stock in a transaction on Thursday, March 21st. The shares were sold at an average price of C$25.78, for a total value of C$171,437.00. Also, Director Glenn Mcnamara purchased 12,800 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of C$23.28 per share, for a total transaction of C$297,999.36. Insiders own 0.54% of the company's stock.

About PrairieSky Royalty

PrairieSky Royalty Ltd., a pure-play royalty company, holds crude oil and natural gas royalty interests in Canada. It holds an interest in approximately 9.7 million acres with petroleum and/or natural gas rights, 8.5 million acres of gross overriding royalty interests, and other acreage. The company was incorporated in 2013 and is based in Calgary, Canada.