Parex Resources (TSE:PXT) Price Target Cut to C$15.00 by Analysts at Royal Bank of Canada

Parex Resources (TSE:PXT) had its price objective cut by Royal Bank of Canada from C$17.00 to C$15.00 in a report released on Tuesday morning, BayStreet.CA reports.

Several other brokerages also recently weighed in on PXT. Jefferies Financial Group reduced their price target on Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Scotiabank dropped their price objective on Parex Resources from C$23.00 to C$19.00 and set a sector perform rating on the stock in a research note on Friday, August 30th. Cormark dropped their target price on Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Haywood Securities dropped their target price on Parex Resources from C$33.00 to C$25.00 and set a buy rating on the stock in a research report on Friday, August 30th. Finally, Eight Capital cut Parex Resources from a buy rating to a neutral rating and dropped their target price for the company from C$32.50 to C$16.00 in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of C$25.07.

Parex Resources Trading Up 0.7 %

Shares of PXT stock opened at C$12.27 on Tuesday. Parex Resources has a 12-month low of C$11.33 and a 12-month high of C$28.23. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90. The stock’s 50-day moving average price is C$17.51 and its 200-day moving average price is C$20.69. The stock has a market capitalization of C$1.24 billion, a price-to-earnings ratio of 2.91, a price-to-earnings-growth ratio of 0.21 and a beta of 1.45.

Parex Resources (TSE:PXT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.05 earnings per share for the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. The company had revenue of C$499.23 million for the quarter. Equities research analysts predict that Parex Resources will post 2.6732456 EPS for the current fiscal year.

Parex Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 16th were given a $0.385 dividend. The ex-dividend date was Monday, September 9th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 12.55%. Parex Resources’s payout ratio is 36.49%.

Insider Buying and Selling

In other news, Senior Officer Eric Furlan bought 3,000 shares of Parex Resources stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average price of C$11.85 per share, for a total transaction of C$35,550.00. In related news, Director Sigmund Cornelius acquired 10,000 shares of Parex Resources stock in a transaction on Wednesday, September 11th. The stock was acquired at an average price of C$12.10 per share, for a total transaction of C$121,040.00. Also, Senior Officer Eric Furlan acquired 3,000 shares of Parex Resources stock in a transaction on Friday, September 13th. The shares were bought at an average price of C$11.85 per share, with a total value of C$35,550.00. Insiders bought 54,804 shares of company stock worth $705,285 in the last 90 days. Insiders own 1.64% of the company’s stock.

Parex Resources Company Profile

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.