PrairieSky Royalty (TSE:PSK) Sets New 52-Week High – Here’s Why

PrairieSky Royalty Ltd. (TSE:PSK) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$28.85 and last traded at C$28.33, with a volume of 20656 shares traded. The stock had previously closed at C$28.26.

Wall Street Analyst Weigh In

PSK has been the subject of a number of recent research reports. Natl Bk Canada upgraded PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. Scotiabank upped their price target on shares of PrairieSky Royalty from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 20th. Raymond James Financial raised shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and increased their price objective for the stock from C$30.00 to C$35.00 in a report on Tuesday, December 9th. Finally, National Bankshares raised shares of PrairieSky Royalty from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from C$32.00 to C$33.00 in a research note on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$29.67.

PrairieSky Royalty Stock Performance

The company has a fifty day moving average price of C$27.08 and a two-hundred day moving average price of C$25.59. The firm has a market cap of C$6.64 billion, a price-to-earnings ratio of 30.70, a price-to-earnings-growth ratio of 0.47 and a beta of 0.74. The company has a debt-to-equity ratio of 3.48, a current ratio of 0.63 and a quick ratio of 0.65.

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.