Parex Resources (TSE:PXT) Stock Price Passes Above Two Hundred Day Moving Average of $23.83

Parex Resources Inc. (TSE:PXT)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$23.83 and traded as high as C$24.40. Parex Resources shares last traded at C$24.24, with a volume of 365,437 shares changing hands.

Analysts Set New Price Targets

PXT has been the subject of a number of recent analyst reports. Royal Bank of Canada reduced their price objective on shares of Parex Resources from C$32.00 to C$28.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. Stifel Nicolaus dropped their price objective on shares of Parex Resources from C$32.75 to C$31.00 and set a “buy” rating for the company in a research note on Monday, March 4th. Scotiabank lowered their target price on shares of Parex Resources from C$28.00 to C$27.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st. Finally, TD Securities lowered their target price on shares of Parex Resources from C$28.70 to C$27.20 in a research note on Tuesday, January 16th.

Parex Resources Stock Performance

The company has a market cap of C$2.50 billion, a price-to-earnings ratio of 4.13, a price-to-earnings-growth ratio of 0.21 and a beta of 1.62. The stock’s fifty day simple moving average is C$22.07 and its two-hundred day simple moving average is C$23.84. The company has a debt-to-equity ratio of 4.93, a quick ratio of 1.45 and a current ratio of 1.31.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Thursday, February 29th. The company reported C$1.74 earnings per share for the quarter, beating analysts’ consensus estimates of C$1.42 by C$0.32. The company had revenue of C$508.73 million for the quarter. Parex Resources had a net margin of 39.26% and a return on equity of 25.03%. Equities research analysts anticipate that Parex Resources Inc. will post 5.6354916 EPS for the current year.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.375 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 6.19%. Parex Resources’s dividend payout ratio (DPR) is presently 25.55%.

Insider Buying and Selling at Parex Resources

In other Parex Resources news, Senior Officer Imad Mohsen bought 9,500 shares of Parex Resources stock in a transaction that occurred on Monday, March 18th. The shares were acquired at an average price of C$21.10 per share, for a total transaction of C$200,450.00. 1.61% of the stock is owned by company 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.