PrairieSky Royalty (TSE:PSK) Price Target Raised to C$38.00 at Royal Bank Of Canada

PrairieSky Royalty (TSE:PSK) had its price target upped by Royal Bank Of Canada from C$36.00 to C$38.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Several other analysts also recently commented on PSK. Raymond James Financial downgraded shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and upped their price target for the company from C$35.00 to C$35.50 in a research report on Monday, March 30th. Roth Capital raised shares of PrairieSky Royalty to a “strong-buy” rating in a research report on Thursday, April 30th. One equities 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. Based on data from MarketBeat, PrairieSky Royalty presently has a consensus rating of “Moderate Buy” and a consensus price target of C$34.42.

PrairieSky Royalty Price Performance

Shares of PSK opened at C$33.62 on Wednesday. The firm has a 50-day simple moving average of C$33.30 and a two-hundred day simple moving average of C$31.39. The stock has a market cap of C$7.81 billion, a PE ratio of 39.09, a P/E/G ratio of 0.47 and a beta of 0.75. PrairieSky Royalty has a 1-year low of C$23.32 and a 1-year high of C$35.89. The company has a debt-to-equity ratio of 6.88, a current ratio of 0.90 and a quick ratio of 0.65.

PrairieSky Royalty Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th were given 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 yield of 3.2%. PrairieSky Royalty’s payout ratio is presently 121.51%.

Insider Activity

In related news, insider Ian Charles Dundas purchased 7,500 shares of the business’s stock in a transaction dated Friday, June 19th. The stock was bought at an average cost of C$31.89 per share, with a total value of C$239,175.00. Following the completion of the acquisition, the insider directly owned 27,500 shares in the company, valued at C$876,975. The trade was a 37.50% increase in their position. 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.