Parex Resources Inc. (TSE:PXT) Receives C$21.86 Consensus Price Target from Analysts

Shares of Parex Resources Inc. (TSE:PXT) have been assigned an average rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is C$21.86.

Several brokerages have commented on PXT. Haywood Securities dropped their price target on shares of Parex Resources from C$33.00 to C$25.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Scotiabank cut their target price on shares of Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a report on Friday, August 30th. BMO Capital Markets boosted their price objective on shares of Parex Resources from C$13.00 to C$14.00 in a research note on Thursday, November 7th. Jefferies Financial Group dropped their price objective on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Finally, Cormark dropped their price objective on shares of Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st.

Parex Resources Stock Up 2.8 %

PXT stock opened at C$14.94 on Wednesday. The company’s 50 day moving average price is C$12.94 and its 200 day moving average price is C$18.13. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. Parex Resources has a fifty-two week low of C$11.33 and a fifty-two week high of C$28.23. The firm has a market capitalization of C$1.51 billion, a price-to-earnings ratio of 3.57, a PEG ratio of 0.21 and a beta of 1.43.

Parex Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 10.31%. The ex-dividend date is Monday, December 9th. Parex Resources’s payout ratio is 36.75%.

Insider Buying and Selling at Parex Resources

In other news, Director Sigmund Cornelius bought 10,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average cost of C$12.10 per share, with a total value of C$121,040.00. Also, Senior Officer Eric Furlan purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. Over the last three months, insiders have purchased 54,804 shares of company stock worth $705,285. 1.64% of the stock is owned by insiders.

About Parex Resources

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.