Parex Resources (TSE:PXT) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada downgraded shares of Parex Resources (TSE:PXT) from an outperform rating to a sector perform rating in a research note published on Thursday morning, MarketBeat.com reports. Royal Bank of Canada currently has C$17.00 price objective on the stock, down from their previous price objective of C$23.00.

PXT has been the topic of a number of other research reports. Scotiabank dropped their price target on shares of Parex Resources from C$27.00 to C$23.00 and set a sector perform rating on the stock in a research note on Friday, August 16th. Jefferies Financial Group dropped their price target on shares of Parex Resources from C$27.20 to C$23.80 in a research note on Thursday, August 1st. Finally, Cormark lowered their target price on shares of Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Parex Resources currently has a consensus rating of Hold and an average target price of C$25.27.

Parex Resources Price Performance

Shares of TSE PXT opened at C$13.53 on Thursday. The stock has a market capitalization of C$1.37 billion, a price-to-earnings ratio of 3.28, a PEG ratio of 0.21 and a beta of 1.47. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$28.23. The firm’s 50 day simple moving average is C$19.48 and its 200-day simple moving average is C$21.32. 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 (TSE:PXT) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.05 EPS for the quarter. Parex Resources had a net margin of 26.15% and a return on equity of 17.02%. The business had revenue of C$499.23 million for the quarter. Analysts expect that Parex Resources will post 4.0255814 EPS for the current year.

Parex Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 16th will be issued 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 (DPR) is currently 37.38%.

Insider Activity at Parex Resources

In related news, Director G.R. (Bob) Mac Dougall acquired 7,674 shares of Parex Resources stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. 1.56% of the stock is owned by 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.