PrairieSky Royalty (TSE:PSK) Sets New 1-Year High – Should You Buy?

PrairieSky Royalty Ltd. (TSE:PSK) shares hit a new 52-week high on Wednesday . The company traded as high as C$31.00 and last traded at C$30.88, with a volume of 1116283 shares trading hands. The stock had previously closed at C$30.39.

Analysts Set New Price Targets

A number of research firms have commented on PSK. National Bank Financial boosted their price target on shares of PrairieSky Royalty from C$32.00 to C$35.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. TD Securities upped their target price on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Scotiabank lifted their price target on PrairieSky Royalty from C$30.00 to C$31.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 10th. BMO Capital Markets increased their price objective on PrairieSky Royalty from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research report on Tuesday, February 10th. Finally, Raymond James Financial upgraded PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and boosted their target price for the stock from C$30.00 to C$35.00 in a research report on Tuesday, December 9th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, PrairieSky Royalty currently has an average rating of “Moderate Buy” and a consensus target price of C$31.57.

PrairieSky Royalty Trading Up 1.3%

The company has a debt-to-equity ratio of 3.48, a quick ratio of 0.65 and a current ratio of 0.63. The firm has a 50-day moving average of C$28.39 and a 200-day moving average of C$26.53. The firm has a market capitalization of C$7.16 billion, a P/E ratio of 35.38, a price-to-earnings-growth ratio of 0.47 and a beta of 0.79.

Insider Transactions at PrairieSky Royalty

In other news, Director Margaret Anne Mckenzie purchased 8,400 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were acquired at an average price of C$29.92 per share, with a total value of C$251,328.00. Following the acquisition, the director directly owned 68,850 shares in the company, valued at approximately C$2,059,992. The trade was a 13.90% increase in their ownership of the stock. 0.54% of the stock is currently owned by company insiders.

PrairieSky Royalty Company Profile

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.