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

PrairieSky Royalty Ltd. (TSE:PSK)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as C$35.58 and last traded at C$35.55, with a volume of 40526 shares traded. The stock had previously closed at C$35.33.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Roth Capital raised PrairieSky Royalty to a “strong-buy” rating in a report on Thursday, April 30th. Royal Bank Of Canada lifted their price objective on PrairieSky Royalty from C$36.00 to C$38.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from 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 business has a 50-day simple moving average of C$33.47 and a 200 day simple moving average of C$32.59. The company has a debt-to-equity ratio of 6.88, a current ratio of 0.90 and a quick ratio of 0.65. The firm has a market cap of C$8.26 billion, a PE ratio of 34.15, a PEG ratio of 0.47 and a beta of 0.73.

PrairieSky Royalty Announces Dividend

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

Insider Buying and Selling

In other news, insider Pamela Pearl Kazeil purchased 2,500 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was acquired at an average cost 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 C$107,612.40. This trade represents a 347.22% increase in their position. Also, insider Ian Charles Dundas purchased 7,500 shares of the company’s stock in a transaction on Friday, June 19th. The stock was purchased at an average price of C$31.89 per share, with a total value of C$239,175.00. Following the completion of the transaction, the insider owned 27,500 shares of the company’s stock, valued at approximately C$876,975. This trade represents a 37.50% increase in their ownership of the stock. In the last ninety days, insiders bought 13,500 shares of company stock valued at $439,135. 0.54% of the stock is 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.