Parex Resources Inc. (TSE:PXT) Receives C$22.97 Average Target Price from Brokerages

Shares of Parex Resources Inc. (TSE:PXT) have been assigned an average recommendation of “Hold” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is C$22.97.

A number of research firms recently issued reports on PXT. BMO Capital Markets set a C$13.00 price objective on Parex Resources and gave the company a “market perform” rating in a research note on Thursday, September 19th. Eight Capital cut 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 report on Friday, August 30th. Haywood Securities lowered 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 report on Friday, August 30th. Cormark reduced their price objective on shares of Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Finally, Jefferies Financial Group lowered their target price on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th.

Insider Buying and Selling

In other news, Senior Officer Eric Furlan acquired 3,000 shares of the firm’s 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. In other Parex Resources news, Senior Officer Wayne Kim Foo purchased 4,000 shares of Parex Resources stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of C$13.05 per share, for a total transaction of C$52,200.00. Also, Senior Officer Eric Furlan purchased 3,000 shares of the stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of C$11.85 per share, with a total value of C$35,550.00. Over the last ninety days, insiders purchased 54,804 shares of company stock worth $705,285. Corporate insiders own 1.64% of the company’s stock.

Parex Resources Stock Performance

Shares of PXT stock opened at C$13.13 on Friday. Parex Resources has a 52 week low of C$11.33 and a 52 week high of C$28.23. The firm’s 50-day simple moving average is C$14.01 and its two-hundred day simple moving average is C$19.32. The firm has a market cap of C$1.33 billion, a price-to-earnings ratio of 3.13, a P/E/G 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.

Parex Resources (TSE:PXT) last released its earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The business had revenue of C$499.23 million during the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 16th were issued a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 11.73%. The ex-dividend date of this dividend was Monday, September 9th. Parex Resources’s payout ratio is 36.75%.

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.