Prairiesky Royalty Stock Market Value
| PSK Stock | CAD 29.73 0.21 0.71% |
| Symbol | PrairieSky |
PrairieSky Royalty Price To Book Ratio
PrairieSky Royalty 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to PrairieSky Royalty's stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of PrairieSky Royalty.
| 10/04/2023 |
| 11/27/2024 |
If you would invest 0.00 in PrairieSky Royalty on October 4, 2023 and sell it all today you would earn a total of 0.00 from holding PrairieSky Royalty or generate 0.0% return on investment in PrairieSky Royalty over 420 days. PrairieSky Royalty is related to or competes with Parex Resources, Gibson Energy, Freehold Royalties, and ARC Resources. PrairieSky Royalty Ltd. holds crude oil and natural gas royalty interests in Alberta, Saskatchewan, British Columbia, an... More
PrairieSky Royalty Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure PrairieSky Royalty's stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess PrairieSky Royalty upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 1.46 | |||
| Information Ratio | 0.014 | |||
| Maximum Drawdown | 5.14 | |||
| Value At Risk | (2.41) | |||
| Potential Upside | 1.98 |
PrairieSky Royalty Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for PrairieSky Royalty's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as PrairieSky Royalty's standard deviation. In reality, there are many statistical measures that can use PrairieSky Royalty historical prices to predict the future PrairieSky Royalty's volatility.| Risk Adjusted Performance | 0.0884 | |||
| Jensen Alpha | 0.107 | |||
| Total Risk Alpha | (0.07) | |||
| Sortino Ratio | 0.013 | |||
| Treynor Ratio | 0.5172 |
PrairieSky Royalty Backtested Returns
As of now, PrairieSky Stock is very steady. PrairieSky Royalty maintains Sharpe Ratio (i.e., Efficiency) of 0.094, which implies the firm had a 0.094% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for PrairieSky Royalty, which you can use to evaluate the volatility of the company. Please check PrairieSky Royalty's Semi Deviation of 1.36, coefficient of variation of 909.67, and Risk Adjusted Performance of 0.0884 to confirm if the risk estimate we provide is consistent with the expected return of 0.13%. PrairieSky Royalty has a performance score of 7 on a scale of 0 to 100. The company holds a Beta of 0.27, which implies not very significant fluctuations relative to the market. As returns on the market increase, PrairieSky Royalty's returns are expected to increase less than the market. However, during the bear market, the loss of holding PrairieSky Royalty is expected to be smaller as well. PrairieSky Royalty right now holds a risk of 1.36%. Please check PrairieSky Royalty potential upside, rate of daily change, and the relationship between the sortino ratio and skewness , to decide if PrairieSky Royalty will be following its historical price patterns.
Auto-correlation | 0.56 |
Modest predictability
PrairieSky Royalty has modest predictability. Overlapping area represents the amount of predictability between PrairieSky Royalty time series from 4th of October 2023 to 1st of May 2024 and 1st of May 2024 to 27th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of PrairieSky Royalty price movement. The serial correlation of 0.56 indicates that roughly 56.0% of current PrairieSky Royalty price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.56 | |
| Spearman Rank Test | 0.33 | |
| Residual Average | 0.0 | |
| Price Variance | 1.52 |
PrairieSky Royalty lagged returns against current returns
Autocorrelation, which is PrairieSky Royalty stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting PrairieSky Royalty's stock expected returns. We can calculate the autocorrelation of PrairieSky Royalty returns to help us make a trade decision. For example, suppose you find that PrairieSky Royalty has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
PrairieSky Royalty regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If PrairieSky Royalty stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if PrairieSky Royalty stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in PrairieSky Royalty stock over time.
Current vs Lagged Prices |
| Timeline |
PrairieSky Royalty Lagged Returns
When evaluating PrairieSky Royalty's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of PrairieSky Royalty stock have on its future price. PrairieSky Royalty autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, PrairieSky Royalty autocorrelation shows the relationship between PrairieSky Royalty stock current value and its past values and can show if there is a momentum factor associated with investing in PrairieSky Royalty.
Regressed Prices |
| Timeline |
Pair Trading with PrairieSky Royalty
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if PrairieSky Royalty position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in PrairieSky Royalty will appreciate offsetting losses from the drop in the long position's value.Moving together with PrairieSky Stock
Moving against PrairieSky Stock
The ability to find closely correlated positions to PrairieSky Royalty could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace PrairieSky Royalty when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back PrairieSky Royalty - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling PrairieSky Royalty to buy it.
The correlation of PrairieSky Royalty is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as PrairieSky Royalty moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if PrairieSky Royalty moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for PrairieSky Royalty can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in PrairieSky Stock
PrairieSky Royalty financial ratios help investors to determine whether PrairieSky Stock is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in PrairieSky with respect to the benefits of owning PrairieSky Royalty security.