PrairieSky Royalty (TSE:PSK) Price Target Raised to C$38.00

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

Other equities analysts have also recently issued reports about the stock. Roth Capital raised shares of PrairieSky Royalty to a “strong-buy” rating in a research note on Thursday, April 30th. Raymond James Financial cut shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and raised their price objective for the company from C$35.00 to C$35.50 in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$34.42.

PrairieSky Royalty Trading Up 1.2%

TSE:PSK opened at C$34.71 on Wednesday. The stock has a fifty day moving average price of C$33.34 and a two-hundred day moving average price of C$31.47. The stock has a market capitalization of C$8.07 billion, a price-to-earnings ratio of 33.38, a PEG ratio of 0.47 and a beta of 0.75. The company has a debt-to-equity ratio of 6.88, a quick ratio of 0.65 and a current ratio of 0.90. PrairieSky Royalty has a 1 year low of C$23.32 and a 1 year high of C$35.89.

PrairieSky Royalty Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 15th were paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, June 30th. PrairieSky Royalty’s dividend payout ratio (DPR) is presently 100.96%.

Insiders Place Their Bets

In other news, insider Ian Charles Dundas acquired 7,500 shares of PrairieSky Royalty stock in a transaction that occurred on Friday, June 19th. The stock was purchased 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 owned 27,500 shares in the company, valued at C$876,975. This trade represents a 37.50% increase in their position. 0.54% of the stock is owned by 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.