Insider Buying: Parex Resources Inc. (TSE:PXT) Director Buys C$98,718.75 in Stock

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

Parex Resources Price Performance

PXT stock opened at C$13.13 on Friday. 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 Inc. has a 52-week low of C$11.33 and a 52-week high of C$28.23. The company has a market capitalization of C$1.33 billion, a P/E ratio of 3.24, a PEG ratio of 0.21 and a beta of 1.45. The company has a fifty day moving average price of C$18.63 and a 200-day moving average price of C$21.06.

Parex Resources (TSE:PXT) last announced its earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The business 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 expect that Parex Resources Inc. will post 2.5941176 EPS for the current year.

Parex Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 16th will be paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 11.73%. The ex-dividend date of this dividend is Monday, September 9th. Parex Resources’s dividend payout ratio is currently 38.02%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PXT shares. Cormark reduced their price target on shares of Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Scotiabank cut their target price on shares of Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a research report on Friday, August 30th. Eight Capital downgraded shares of Parex Resources from a “buy” rating to a “neutral” rating and lowered their price target for the stock from C$32.50 to C$16.00 in a report on Friday, August 30th. Haywood Securities dropped 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 note on Friday, August 30th. Finally, Royal Bank of Canada lowered Parex Resources from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from C$23.00 to C$17.00 in a research report on Thursday, August 29th. Three research 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 currently has an average rating of “Hold” and a consensus target price of C$25.27.

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.