Parex Resources Inc. (TSE:PXT) Director Sigmund Cornelius Acquires 7,500 Shares of Stock

Parex Resources Inc. (TSE:PXT) Director Sigmund Cornelius bought 7,500 shares of the stock in a transaction on Wednesday, September 4th. The stock was purchased at an average price of C$13.16 per share, for a total transaction of C$98,718.75.

Parex Resources Price Performance

Shares of TSE PXT opened at C$13.37 on Thursday. The stock’s 50-day simple moving average is C$18.98 and its two-hundred day simple moving average is C$21.17. Parex Resources Inc. has a twelve month low of C$11.33 and a twelve month high of C$28.23. The firm has a market capitalization of C$1.35 billion, a P/E ratio of 3.25, a P/E/G ratio of 0.21 and a beta of 1.47. The company has a quick ratio of 1.45, a current ratio of 1.14 and a debt-to-equity ratio of 2.90.

Parex Resources (TSE:PXT) last posted its quarterly earnings data on Wednesday, July 31st. The company reported C$0.05 earnings per share 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%. As a group, equities analysts anticipate that Parex Resources Inc. will post 4.0255814 EPS for the current fiscal year.

Parex Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 16th will be given a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a dividend yield of 11.52%. The ex-dividend date of this dividend is Monday, September 9th. Parex Resources’s dividend payout ratio (DPR) is currently 37.38%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Scotiabank dropped their price objective on shares of Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a report on Friday, August 30th. Royal Bank of Canada downgraded shares of Parex Resources from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from C$23.00 to C$17.00 in a report on Thursday, August 29th. Jefferies Financial Group lowered their target price on shares of Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Eight Capital lowered Parex Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from C$32.50 to C$16.00 in a report on Friday, August 30th. Finally, Haywood Securities dropped their price objective on 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. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of C$25.27.

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.