Parex Resources (TSE:PXT) Sets New 52-Week Low – Here’s Why

Parex Resources Inc. (TSE:PXT)’s share price reached a new 52-week low on Friday . The company traded as low as C$11.32 and last traded at C$11.33, with a volume of 487491 shares traded. The stock had previously closed at C$12.85.

Analysts Set New Price Targets

Several brokerages have weighed in on PXT. BMO Capital Markets raised their price target on Parex Resources from C$14.00 to C$16.00 in a report on Wednesday, January 15th. Royal Bank of Canada lifted their target price on shares of Parex Resources from C$15.00 to C$16.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Parex Resources currently has an average rating of “Hold” and a consensus price target of C$20.21.

Parex Resources Trading Down 11.8 %

The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81. The stock has a 50-day moving average of C$13.69 and a 200 day moving average of C$13.74. The stock has a market cap of C$795.55 million, a PE ratio of 3.10, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43.

Parex Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 18th were paid a dividend of $0.385 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 13.58%. Parex Resources’s payout ratio is currently 42.12%.

Insider Activity at Parex Resources

In other news, Director Sigmund Cornelius acquired 5,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was bought at an average price of C$12.61 per share, with a total value of C$63,063.00. 1.64% of the stock is owned by company insiders.

About Parex Resources

Parex Resources Inc engages in exploration, development, and production of crude oil. The company brings technology utilized in the Western Canada Sedimentary Basin to South American basins with large oil-in-place potential. Majority of the company’s properties are focused in Colombia, where it pays a royalty or tax to the government for its operations.