PrairieSky Royalty (TSE:PSK) Reaches New 1-Year High – Here’s Why

PrairieSky Royalty Ltd. (TSE:PSK) shares reached a new 52-week high during trading on Friday . The stock traded as high as C$35.46 and last traded at C$35.32, with a volume of 83176 shares trading hands. The stock had previously closed at C$35.35.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Roth Capital upgraded shares of PrairieSky Royalty to a “strong-buy” rating in a report on Thursday, April 30th. Raymond James Financial lowered shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and upped their price target for the stock from C$35.00 to C$35.50 in a research report on Monday, March 30th. Finally, Royal Bank Of Canada increased their price target on shares of 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 research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, PrairieSky Royalty presently has an average rating of “Moderate Buy” and an average target price of C$34.42.

PrairieSky Royalty Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.65 and a debt-to-equity ratio of 6.88. The firm has a market cap of C$8.21 billion, a PE ratio of 33.96, a P/E/G ratio of 0.47 and a beta of 0.75. The stock’s 50 day moving average price is C$33.42 and its 200 day moving average price is C$31.71.

PrairieSky Royalty Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th were given a $0.265 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.06 annualized dividend and a yield of 3.0%. PrairieSky Royalty’s dividend payout ratio (DPR) is 100.96%.

Insider Activity at PrairieSky Royalty

In related news, insider Ian Charles Dundas acquired 7,500 shares of PrairieSky Royalty stock in a transaction on Friday, June 19th. The shares were bought at an average price of C$31.89 per share, for a total transaction of C$239,175.00. Following the completion of the purchase, the insider directly owned 27,500 shares in the company, valued at C$876,975. This trade represents a 37.50% increase in their position. 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.