PrairieSky Royalty (TSE:PSK) Hits New 12-Month High After Analyst Upgrade

PrairieSky Royalty Ltd. (TSE:PSK)’s stock price reached a new 52-week high during trading on Wednesday after National Bankshares raised their price target on the stock from C$32.00 to C$35.00. National Bankshares currently has an outperform rating on the stock. PrairieSky Royalty traded as high as C$29.99 and last traded at C$29.60, with a volume of 39973 shares trading hands. The stock had previously closed at C$29.65.

A number of other research analysts have also recently issued reports on the stock. Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and lifted their target price for the company from C$30.00 to C$35.00 in a research note on Tuesday, December 9th. Scotiabank raised their price target on PrairieSky Royalty from C$29.00 to C$30.00 and gave the company a “sector perform” rating in a report on Tuesday, January 20th. Finally, Natl Bk Canada raised PrairieSky Royalty from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$30.00.

PrairieSky Royalty Stock Up 1.7%

The firm has a 50 day moving average price of C$27.46 and a 200-day moving average price of C$25.85. The firm has a market cap of C$7.02 billion, a price-to-earnings ratio of 32.42, a price-to-earnings-growth ratio of 0.47 and a beta of 0.79. 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.