PrairieSky Royalty (TSE:PSK) Stock Passes Above 50 Day Moving Average – Here’s What Happened

PrairieSky Royalty Ltd. (TSE:PSK) shares crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$29.04 and traded as high as C$31.63. PrairieSky Royalty shares last traded at C$31.51, with a volume of 557,734 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PSK shares. BMO Capital Markets upped their price objective on shares of PrairieSky Royalty from C$32.00 to C$34.00 and gave the stock an “outperform” rating in a report on Tuesday, February 10th. National Bank Financial raised their target price on shares of PrairieSky Royalty from C$32.00 to C$35.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Raymond James Financial upgraded shares of PrairieSky Royalty from a “hold” rating to a “moderate buy” rating and boosted their price target for the stock from C$30.00 to C$35.00 in a research report on Tuesday, December 9th. TD Securities upped their price target on shares of PrairieSky Royalty from C$30.00 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Finally, Scotiabank boosted their target price on PrairieSky Royalty from C$30.00 to C$31.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 10th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$31.57.

PrairieSky Royalty Stock Up 0.8%

The company has a market capitalization of C$7.33 billion, a price-to-earnings ratio of 36.22, a price-to-earnings-growth ratio of 0.47 and a beta of 0.65. The company has a quick ratio of 0.65, a current ratio of 0.64 and a debt-to-equity ratio of 9.54. The business has a 50-day moving average price of C$29.04 and a 200-day moving average price of C$26.99.

Insider Buying and Selling

In other news, Director Margaret Anne Mckenzie acquired 8,400 shares of PrairieSky Royalty stock in a transaction on Wednesday, February 11th. The stock was bought at an average cost of C$29.92 per share, with a total value of C$251,328.00. Following the completion of the purchase, the director owned 68,850 shares of the company’s stock, valued at C$2,059,992. This represents a 13.90% increase in their ownership of the stock. Corporate insiders own 0.54% of the company’s stock.

PrairieSky Royalty Company Profile

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.