Parex Resources Inc. Declares Quarterly Dividend of $0.39 (TSE:PXT)

Parex Resources Inc. (TSE:PXT) announced a quarterly dividend on Tuesday, November 5th, Zacks reports. Investors of record on Monday, December 9th will be given a dividend of 0.385 per share on Monday, December 16th. This represents a $1.54 dividend on an annualized basis and a yield of 11.01%. The ex-dividend date is Monday, December 9th.

Parex Resources Price Performance

PXT stock opened at C$13.99 on Thursday. Parex Resources has a 1 year low of C$11.33 and a 1 year 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’s 50 day moving average price is C$12.97 and its 200 day moving average price is C$18.54. The firm has a market cap of C$1.42 billion, a P/E ratio of 3.34, a PEG ratio of 0.21 and a beta of 1.43.

Insider Transactions at Parex Resources

In other news, Senior Officer Imad Mohsen acquired 13,100 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of C$13.33 per share, for a total transaction of C$174,623.00. In related news, Senior Officer Eric Furlan purchased 3,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. Also, Senior Officer Imad Mohsen purchased 13,100 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of C$13.33 per share, with a total value of C$174,623.00. Insiders bought a total of 54,804 shares of company stock worth $705,285 in the last ninety days. Insiders own 1.64% of the company’s stock.

Analyst Ratings Changes

PXT has been the topic of a number of recent research reports. Cormark reduced their target price on Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Scotiabank reduced their price target on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a research note on Friday, August 30th. BMO Capital Markets set a C$13.00 price target on Parex Resources and gave the stock a “market perform” rating in a research note on Thursday, September 19th. Royal Bank of Canada reduced their price target on Parex Resources from C$17.00 to C$15.00 in a research note on Tuesday, September 17th. Finally, Haywood Securities reduced their price target on Parex Resources from C$33.00 to C$25.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of C$21.74.

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.