Brokerages Set Parex Resources Inc. (TSE:PXT) PT at C$21.86

Shares of Parex Resources Inc. (TSE:PXT) have earned an average recommendation of “Hold” from the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is C$21.86.

A number of brokerages recently commented on PXT. BMO Capital Markets lifted their price objective on Parex Resources from C$13.00 to C$14.00 in a research report on Thursday, November 7th. Haywood Securities reduced 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. Jefferies Financial Group reduced their target price on Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Eight Capital downgraded Parex Resources from a “buy” rating to a “neutral” rating and reduced their target price for the company from C$32.50 to C$16.00 in a research report on Friday, August 30th. Finally, Royal Bank of Canada reduced their target price on Parex Resources from C$17.00 to C$15.00 in a research report on Tuesday, September 17th.

Insider Activity

In related news, Senior Officer Eric Furlan bought 3,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average cost of C$11.85 per share, with a total value of C$35,550.00. Insiders own 1.64% of the company’s stock.

Parex Resources Stock Performance

Shares of Parex Resources stock opened at C$14.34 on Friday. Parex Resources has a one year low of C$11.33 and a one year high of C$25.78. The company has a market cap of C$1.45 billion, a price-to-earnings ratio of 3.42, a PEG ratio of 0.21 and a beta of 1.43. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. The business’s 50 day moving average price is C$13.85 and its 200 day moving average price is C$16.99.

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 16th will be paid a $0.385 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 10.74%. Parex Resources’s payout ratio is presently 36.75%.

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.