Brokerages Set Parex Resources Inc. (TSE:PXT) Price Target at C$22.97

Parex Resources Inc. (TSE:PXT) has received a consensus recommendation of “Hold” from the six research firms that are covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is C$22.97.

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets set a C$13.00 price target on Parex Resources and gave the company a “market perform” rating in a research report on Thursday, September 19th. Scotiabank lowered 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. Eight Capital downgraded Parex Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from C$32.50 to C$16.00 in a report on Friday, August 30th. Jefferies Financial Group cut their price target on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Finally, Cormark decreased their price objective on Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st.

Insider Activity at Parex Resources

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

Parex Resources Price Performance

Shares of PXT stock opened at C$11.95 on Tuesday. The stock’s 50-day simple moving average is C$15.83 and its 200-day simple moving average is C$20.12. The firm has a market capitalization of C$1.21 billion, a price-to-earnings ratio of 2.92, a PEG ratio of 0.21 and a beta of 1.45. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. Parex Resources has a fifty-two week low of C$11.33 and a fifty-two week high of C$28.23.

Parex Resources (TSE:PXT) last announced its quarterly earnings data on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The firm had revenue of C$499.23 million during the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. As a group, equities analysts forecast that Parex Resources will post 1.7625369 earnings per share for the current fiscal year.

Parex Resources Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 12.89%. The ex-dividend date was Monday, September 9th. Parex Resources’s dividend payout ratio (DPR) is presently 37.65%.

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.