Parex Resources Inc. to Issue Quarterly Dividend of $0.39 (TSE:PXT)

Parex Resources Inc. (TSE:PXT) announced a quarterly dividend on Monday, December 9th,Zacks Dividends reports. Investors of record on Monday, December 16th will be given a dividend of 0.385 per share on Monday, December 16th. This represents a $1.54 dividend on an annualized basis and a yield of 10.35%. The ex-dividend date is Monday, December 9th.

Parex Resources Trading Down 2.9 %

PXT stock opened at C$14.88 on Friday. Parex Resources has a one year low of C$11.33 and a one year high of C$25.90. The stock has a market cap of C$1.51 billion, a price-to-earnings ratio of 3.55, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43. The company has a fifty day moving average price of C$13.75 and a two-hundred day moving average price of C$17.20. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.14 and a quick ratio of 1.45.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PXT shares. BMO Capital Markets upped their price target on shares of Parex Resources from C$13.00 to C$14.00 in a research note on Thursday, November 7th. Eight Capital lowered Parex Resources from a “buy” rating to a “neutral” rating and lowered their target price for the stock from C$32.50 to C$16.00 in a research note on Friday, August 30th. Scotiabank reduced their price target 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. Haywood Securities decreased 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. Finally, Royal Bank of Canada dropped their target price on Parex Resources from C$17.00 to C$15.00 in a report on Tuesday, September 17th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$21.86.

Insider Transactions at Parex Resources

In other news, Senior Officer Eric Furlan purchased 3,000 shares of Parex Resources stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average price of C$11.85 per share, for a total transaction of C$35,550.00. Also, Director Glenn Mcnamara bought 7,200 shares of the business’s stock in a transaction on Monday, September 9th. The shares were acquired at an average price of C$13.08 per share, with a total value of C$94,140.00. In the last three months, insiders have purchased 21,530 shares of company stock valued at $266,629. 1.64% of the stock is owned by corporate 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.