Parex Resources (TSE:PXT) PT Lowered to C$15.00

Parex Resources (TSE:PXT) had its target price reduced by Royal Bank of Canada from C$17.00 to C$15.00 in a report published on Tuesday, BayStreet.CA reports.

A number of other brokerages have also recently weighed in on PXT. Cormark dropped their price target on Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Eight Capital cut Parex Resources from a buy rating to a neutral rating and dropped their price target for the stock from C$32.50 to C$16.00 in a research note on Friday, August 30th. Scotiabank decreased their price objective 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. Jefferies Financial Group decreased their price objective on Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Finally, Haywood Securities decreased their price objective 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. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of C$22.97.

Parex Resources Trading Up 0.2 %

Shares of PXT opened at C$12.12 on Tuesday. The business’s 50-day moving average price is C$16.98 and its 200 day moving average price is C$20.48. The stock has a market capitalization of C$1.23 billion, a P/E ratio of 2.87, a P/E/G ratio of 0.21 and a beta of 1.45. Parex Resources has a 1-year low of C$11.33 and a 1-year high of C$28.23. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90.

Parex Resources (TSE:PXT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share for the quarter. The firm had revenue of C$499.23 million for the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. Analysts expect that Parex Resources will post 2.6732456 earnings per share for the current year.

Parex Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 16th were issued a dividend of $0.385 per share. The ex-dividend date was Monday, September 9th. This represents a $1.54 annualized dividend and a dividend yield of 12.71%. Parex Resources’s dividend payout ratio is 36.49%.

Insider Activity

In other news, Senior Officer Eric Furlan purchased 3,000 shares of Parex Resources stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. In other news, Senior Officer Eric Furlan purchased 3,000 shares of Parex Resources stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. Also, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of Parex Resources stock in a transaction dated Friday, August 30th. The shares were purchased at an average price of C$13.05 per share, with a total value of C$100,115.00. Insiders bought a total of 54,804 shares of company stock worth $705,285 in the last three months. 1.64% of the stock is owned by insiders.

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.