Ian Charles Dundas Buys 7,500 Shares of PrairieSky Royalty (TSE:PSK) Stock

PrairieSky Royalty Ltd. (TSE:PSK) insider Ian Charles Dundas purchased 7,500 shares of the business’s stock in a transaction dated Friday, June 19th. The shares were 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 purchase, the insider directly owned 27,500 shares in the company, valued at approximately C$876,975. This represents a 37.50% increase in their ownership of the stock.

PrairieSky Royalty Stock Up 0.2%

Shares of PrairieSky Royalty stock opened at C$32.17 on Wednesday. The firm has a market cap of C$7.48 billion, a price-to-earnings ratio of 37.41, a P/E/G ratio of 0.47 and a beta of 0.75. The company has a debt-to-equity ratio of 9.36, a current ratio of 0.83 and a quick ratio of 0.65. PrairieSky Royalty Ltd. has a 52-week low of C$23.17 and a 52-week high of C$35.89. The stock has a 50-day simple moving average of C$33.36 and a 200-day simple moving average of C$30.84.

PrairieSky Royalty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 15th will be given a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 30th. PrairieSky Royalty’s payout ratio is currently 121.51%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PSK. Raymond James Financial cut shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and upped their price objective for the stock from C$35.00 to C$35.50 in a report on Monday, March 30th. Roth Mkm raised PrairieSky Royalty to a “strong-buy” rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$32.25.

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.