Parex Resources (TSE:PXT) Shares Up 4.8%

Parex Resources Inc. (TSE:PXT) shares shot up 4.8% during trading on Thursday . The company traded as high as C$24.82 and last traded at C$24.81. 97,399 shares changed hands during trading, a decline of 82% from the average session volume of 532,019 shares. The stock had previously closed at C$23.67.

Analysts Set New Price Targets

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

Parex Resources Stock Performance

The company has a quick ratio of 1.45, a current ratio of 1.31 and a debt-to-equity ratio of 4.93. The company has a 50-day moving average of C$22.46 and a 200 day moving average of C$23.80. The firm has a market capitalization of C$2.54 billion, a PE ratio of 4.01, a PEG ratio of 0.21 and a beta of 1.59.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Thursday, February 29th. The company reported C$1.74 EPS for the quarter, topping analysts’ consensus estimates of C$1.42 by C$0.32. Parex Resources had a return on equity of 25.03% and a net margin of 39.26%. The business had revenue of C$508.73 million for the quarter. Equities research analysts predict that Parex Resources Inc. will post 5.8679707 EPS for the current year.

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.375 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.50 annualized dividend and a dividend yield of 6.10%. Parex Resources’s dividend payout ratio is 25.38%.

Insider Activity

In other news, Senior Officer Imad Mohsen acquired 9,500 shares of the stock in a transaction on Monday, March 18th. The stock was acquired at an average price of C$21.10 per share, with a total value of C$200,450.00. 1.54% of the stock is currently owned by company insiders.

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.