Parex Resources Inc. (TSE:PXT) Given Consensus Recommendation of “Hold” by Brokerages

Parex Resources Inc. (TSE:PXT) has earned an average rating of “Hold” from the six brokerages that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is C$21.74.

PXT has been the subject of a number of recent research reports. Cormark reduced their price target on Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Haywood Securities reduced their price target on Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Eight Capital downgraded Parex Resources from a “buy” rating to a “neutral” rating and reduced their price target for the stock from C$32.50 to C$16.00 in a research report on Friday, August 30th. Scotiabank reduced their price target on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating for the company in a research report on Friday, August 30th. Finally, Royal Bank of Canada reduced their price target on Parex Resources from C$17.00 to C$15.00 in a research report on Tuesday, September 17th.

Parex Resources Price Performance

TSE PXT opened at C$13.00 on Friday. The business has a 50 day simple moving average of C$13.68 and a 200 day simple moving average of C$19.11. Parex Resources has a 52-week low of C$11.33 and a 52-week high of C$28.23. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. The stock has a market cap of C$1.32 billion, a price-to-earnings ratio of 3.10, a PEG ratio of 0.21 and a beta of 1.43.

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

Parex Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 16th were issued a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a yield of 11.85%. The ex-dividend date of this dividend was Monday, September 9th. Parex Resources’s dividend payout ratio is 36.75%.

Insider Buying and Selling at Parex Resources

In other Parex Resources news, Senior Officer Eric Furlan purchased 3,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was acquired at an average price of C$11.85 per share, with a total value of C$35,550.00. In other news, Senior Officer Wayne Kim Foo acquired 4,000 shares of the stock in a transaction on Friday, August 30th. The shares were purchased at an average price of C$13.05 per share, for a total transaction of C$52,200.00. Also, Senior Officer Eric Furlan acquired 3,000 shares of the stock in a transaction on Friday, September 13th. The shares were purchased at an average price of C$11.85 per share, for a total transaction of C$35,550.00. Insiders acquired 54,804 shares of company stock valued at $705,285 in the last quarter. 1.64% of the stock is currently 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.