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

Shares of Parex Resources Inc. (TSE:PXT) have been given an average rating of “Hold” by the six brokerages that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is C$21.86.

PXT has been the topic of a number of research reports. Eight Capital lowered shares of Parex Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from C$32.50 to C$16.00 in a research note on Friday, August 30th. BMO Capital Markets upped their target price on Parex Resources from C$13.00 to C$14.00 in a research report on Thursday, November 7th. Royal Bank of Canada reduced their target price on Parex Resources from C$17.00 to C$15.00 in a report on Tuesday, September 17th. Cormark dropped their price target on Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Finally, Haywood Securities reduced their price objective 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.

Parex Resources Price Performance

TSE:PXT opened at C$14.94 on Wednesday. The company has a market cap of C$1.51 billion, a P/E ratio of 3.57, a P/E/G ratio of 0.21 and a beta of 1.43. The firm’s fifty day moving average price is C$12.94 and its two-hundred day moving average price is C$18.04. Parex Resources has a one year low of C$11.33 and a one year high of C$28.23. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.14 and a quick ratio of 1.45.

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 issued a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a yield of 10.31%. The ex-dividend date is Monday, December 9th. Parex Resources’s payout ratio is presently 36.75%.

Insider Buying and Selling at Parex Resources

In other Parex Resources news, Senior Officer Wayne Kim Foo acquired 4,000 shares of Parex Resources stock in a transaction dated Friday, August 30th. The stock was purchased at an average cost of C$13.05 per share, for a total transaction of C$52,200.00. Also, Senior Officer Eric Furlan acquired 3,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were bought at an average cost of C$11.85 per share, with a total value of C$35,550.00. In the last quarter, insiders have purchased 54,804 shares of company stock worth $705,285. 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.