PrairieSky Royalty (TSE:PSK) Hits New 52-Week High – Still a Buy?

PrairieSky Royalty Ltd. (TSE:PSK)’s share price hit a new 52-week high on Wednesday . The stock traded as high as C$36.68 and last traded at C$36.68, with a volume of 38625 shares. The stock had previously closed at C$36.05.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Royal Bank Of Canada increased their target price on PrairieSky Royalty from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Roth Capital raised shares of PrairieSky Royalty to a “strong-buy” rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, PrairieSky Royalty has an average rating of “Moderate Buy” and a consensus target price of C$34.42.

PrairieSky Royalty Stock Up 1.1%

The business has a 50-day moving average price of C$33.93 and a 200 day moving average price of C$32.97. 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 stock has a market capitalization of C$8.59 billion, a P/E ratio of 35.55, a P/E/G ratio of 0.47 and a beta of 0.73.

PrairieSky Royalty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th were paid a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. PrairieSky Royalty’s dividend payout ratio (DPR) is presently 100.96%.

Insider Transactions at PrairieSky Royalty

In other PrairieSky Royalty news, insider Ian Charles Dundas bought 7,500 shares of the firm’s stock in a transaction dated Friday, June 19th. The shares were purchased at an average cost of C$31.89 per share, for a total transaction of C$239,175.00. Following the transaction, the insider owned 27,500 shares of the company’s stock, valued at C$876,975. This represents a 37.50% increase in their ownership of the stock. Also, insider Pamela Pearl Kazeil bought 2,500 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were acquired at an average price of C$33.42 per share, for a total transaction of C$83,550.00. Following the completion of the transaction, the insider directly owned 3,220 shares in the company, valued at approximately C$107,612.40. This represents a 347.22% increase in their position. Insiders have acquired a total of 13,500 shares of company stock worth $439,135 in the last three months. Insiders own 0.54% of the company’s stock.

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.