Jefferies Financial Group Trims Parex Resources (TSE:PXT) Target Price to C$19.50

Parex Resources (TSE:PXT) had its price target cut by Jefferies Financial Group from C$23.80 to C$19.50 in a research note released on Thursday morning, BayStreet.CA reports.

PXT has been the topic of several other research reports. Cormark cut their target price on Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Royal Bank of Canada cut shares of Parex Resources from an outperform rating to a sector perform rating and cut their price objective for the company from C$23.00 to C$17.00 in a research note on Thursday. Finally, Scotiabank decreased their target price on shares of Parex Resources from C$27.00 to C$23.00 and set a sector perform rating for the company in a research report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of C$25.27.

Parex Resources Trading Up 2.7 %

Shares of TSE:PXT opened at C$13.53 on Thursday. The company has a quick ratio of 1.45, a current ratio of 1.14 and a debt-to-equity ratio of 2.90. The company’s 50-day moving average price is C$19.48 and its 200 day moving average price is C$21.32. The company has a market cap of C$1.37 billion, a PE ratio of 3.28, a P/E/G ratio of 0.21 and a beta of 1.47. Parex Resources has a fifty-two week low of C$11.33 and a fifty-two week high of C$28.23.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported C$0.05 EPS for the quarter. The company had revenue of C$499.23 million for the quarter. Parex Resources had a net margin of 26.15% and a return on equity of 17.02%. Sell-side analysts anticipate that Parex Resources will post 4.0255814 earnings per share for the current year.

Parex Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 16th will be paid a $0.385 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.54 annualized dividend and a yield of 11.38%. Parex Resources’s dividend payout ratio is presently 37.38%.

Insiders Place Their Bets

In related news, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of the stock in a transaction dated Friday, August 30th. The shares were acquired at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. Insiders own 1.56% of the company’s stock.

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.