PrairieSky Royalty Ltd (TSE:PSK) announced a monthly dividend on Wednesday, March 29th. Shareholders of record on Monday, April 17th will be given a dividend of 0.0625 per share on Monday, April 17th. This represents a $0.75 annualized dividend and a yield of 2.59%. The ex-dividend date is Wednesday, March 29th. This is a positive change from PrairieSky Royalty’s previous monthly dividend of $0.06.
PrairieSky Royalty (TSE:PSK) traded down 0.52% during midday trading on Thursday, reaching $28.91. 309,100 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $28.75 and its 200-day moving average price is $30.17. PrairieSky Royalty has a 1-year low of $22.91 and a 1-year high of $34.32. The company has a market capitalization of $6.85 billion and a PE ratio of 332.30.
PSK has been the subject of several research reports. TD Securities reiterated a “hold” rating and set a C$33.00 price objective on shares of PrairieSky Royalty in a research note on Tuesday, January 10th. GMP Securities decreased their target price on shares of PrairieSky Royalty from C$36.00 to C$35.00 in a research note on Thursday, March 2nd. Royal Bank of Canada restated a “sector perform” rating and issued a C$34.00 target price on shares of PrairieSky Royalty in a research note on Tuesday, February 28th. Raymond James Financial, Inc. upgraded shares of PrairieSky Royalty from a “market perform” rating to an “outperform” rating and set a C$34.00 target price for the company in a research note on Thursday, February 16th. Finally, Scotiabank upped their target price on shares of PrairieSky Royalty from C$34.50 to C$36.00 and gave the company a “sector perform” rating in a research note on Monday, January 9th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of C$34.20.
In related news, insider Andrew Phillips acquired 10,000 shares of PrairieSky Royalty stock in a transaction on Thursday, March 9th. The shares were purchased at an average cost of C$28.08 per share, for a total transaction of C$280,800.00. Also, insider Cameron Maclean Proctor acquired 2,000 shares of PrairieSky Royalty stock in a transaction on Wednesday, March 8th. The shares were bought at an average price of C$28.38 per share, for a total transaction of C$56,760.00. Insiders have acquired a total of 12,023 shares of company stock worth $338,242 over the last quarter.
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About PrairieSky Royalty
PrairieSky Royalty Ltd. is a Canada-based company, which holds a portfolio of fee simple mineral title, and oil and gas royalty interests in Canada. The Company’s properties are located in British Columbia, Alberta, Saskatchewan and Manitoba. As of December 31, 2016, the Company’s assets include the Fee Lands, encompassing approximately 7.8 million acres; the GORR Interests, encompassing approximately 6.3 million acres of the GORR Lands; the GRT Interests, encompassing approximately 0.2 million acres of the GRT Lands; approximately 0.2 million acres of Crown Interest Lands primarily in Alberta, and the Seismic License to certain seismic data of Encana Corporation, encompassing approximately 43,000 kilometers of two dimensional seismic and over 13,000 square kilometers of three dimensional seismic.
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