PrairieSky Royalty (TSE:PSK) Stock Price Passes Below Fifty Day Moving Average – Here’s What Happened

PrairieSky Royalty Ltd. (TSE:PSK)’s share price passed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$33.38 and traded as low as C$31.94. PrairieSky Royalty shares last traded at C$32.81, with a volume of 426,641 shares.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PSK shares. Raymond James Financial downgraded shares of PrairieSky Royalty from a “moderate buy” rating to a “hold” rating and lifted their target price for the stock from C$35.00 to C$35.50 in a research note 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, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, PrairieSky Royalty currently has a consensus rating of “Moderate Buy” and a consensus price target of C$32.25.

PrairieSky Royalty Stock Up 3.0%

The stock has a market cap of C$7.63 billion, a price-to-earnings ratio of 38.15, a price-to-earnings-growth ratio of 0.47 and a beta of 0.75. The firm’s fifty day moving average price is C$33.38 and its two-hundred day moving average price is C$31.19. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Wednesday, July 15th will be paid a dividend of $0.265 per share. This represents a $1.06 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, June 30th. PrairieSky Royalty’s dividend payout ratio is 121.51%.

Insider Transactions at PrairieSky Royalty

In other news, insider Ian Charles Dundas acquired 7,500 shares of PrairieSky Royalty stock in a transaction on Friday, June 19th. The stock was purchased at an average price of C$31.89 per share, with a total value of C$239,175.00. Following the completion of the purchase, the insider owned 27,500 shares of the company’s stock, valued at approximately C$876,975. The trade was a 37.50% increase in their position. Insiders own 0.54% of the company’s stock.

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.