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

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

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

Parex Resources Stock Up 2.8 %

Shares of PXT stock opened at C$14.94 on Wednesday. The stock’s 50 day simple moving average is C$12.94 and its 200 day simple moving average 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 twelve month low of C$11.33 and a twelve month high of C$28.23. The company 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 firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be issued a $0.385 dividend. The ex-dividend date is Monday, December 9th. This represents a $1.54 annualized dividend and a dividend yield of 10.31%. Parex Resources’s dividend payout ratio (DPR) is currently 36.75%.

Insiders Place Their Bets

In related news, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of Parex Resources stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average cost of C$13.05 per share, with a total value of C$100,115.00. Also, Senior Officer Eric Furlan purchased 3,000 shares of Parex Resources stock in a transaction that occurred 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. Insiders acquired 54,804 shares of company stock worth $705,285 over the last ninety days. 1.64% of the stock is currently owned by corporate insiders.

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.