Insider Buying: Parex Resources Inc. (TSE:PXT) Director Buys 10,000 Shares of Stock

Parex Resources Inc. (TSE:PXT) Director Sigmund Cornelius purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were purchased at an average cost of C$12.10 per share, for a total transaction of C$121,040.00.

Sigmund Cornelius also recently made the following trade(s):

• On Wednesday, September 4th, Sigmund Cornelius acquired 7,500 shares of Parex Resources stock. The shares were purchased at an average cost of C$13.16 per share, for a total transaction of C$98,718.75.

Parex Resources Price Performance

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 Inc. has a 52 week low of C$11.33 and a 52 week high of C$28.23. The firm has a market cap of C$1.20 billion, a price-to-earnings ratio of 2.93, a P/E/G ratio of 0.21 and a beta of 1.45. The company has a fifty day moving average price of C$17.88 and a 200-day moving average price of C$20.81.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share for the quarter. Parex Resources had a net margin of 26.15% and a return on equity of 17.02%. The firm had revenue of C$499.23 million for the quarter. On average, equities research analysts expect that Parex Resources Inc. will post 2.5941176 EPS for the current fiscal year.

Parex Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 16th will be given a dividend of $0.385 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.54 dividend on an annualized basis and a yield of ∞. Parex Resources’s dividend payout ratio (DPR) is 38.02%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Cormark cut their price target on Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Scotiabank dropped their target price on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating for the company in a research note on Friday, August 30th. Royal Bank of Canada lowered Parex Resources from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from C$23.00 to C$17.00 in a research note on Thursday, August 29th. Haywood Securities lowered their price target on Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a report on Friday, August 30th. Finally, Eight Capital lowered shares of Parex Resources from a “buy” rating to a “neutral” rating and cut their price objective for the stock from C$32.50 to C$16.00 in a report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average 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.