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

Parex Resources Inc. (TSE:PXT) has earned an average rating of “Hold” from the six ratings firms that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is C$22.97.

A number of equities analysts have commented on the stock. 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. Jefferies Financial Group dropped their target price on Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Haywood Securities reduced 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. Royal Bank of Canada lowered their price objective on Parex Resources from C$17.00 to C$15.00 in a research note on Tuesday, September 17th. Finally, BMO Capital Markets set a C$13.00 target price on Parex Resources and gave the company a “market perform” rating in a research report on Thursday, September 19th.

Parex Resources Stock Performance

Shares of TSE:PXT opened at C$11.95 on Tuesday. The business’s 50-day simple moving average is C$15.83 and its 200 day simple moving average is C$20.12. The company has a market cap of C$1.21 billion, a P/E 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 one year low of C$11.33 and a one year high of C$28.23.

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

Parex Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 16th were given a $0.385 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $1.54 annualized dividend and a dividend yield of 12.89%. Parex Resources’s payout ratio is 37.65%.

Insider Activity

In other Parex Resources news, Senior Officer Eric Furlan purchased 3,000 shares of Parex Resources stock in a transaction dated Friday, September 13th. The shares were bought at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. In related news, Senior Officer Imad Mohsen bought 13,100 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were purchased 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 Parex Resources stock in a transaction dated 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. In the last ninety days, insiders bought 54,804 shares of company stock worth $705,285. 1.64% of the stock is currently 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.