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

Shares of Parex Resources Inc. (TSE:PXT) have earned a consensus rating of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is C$22.97.

A number of analysts have recently issued reports on the stock. Scotiabank cut their target price on shares of 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. Cormark cut their price objective on shares of Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Royal Bank of Canada decreased their target price on Parex Resources from C$17.00 to C$15.00 in a research report on Tuesday, September 17th. Haywood Securities dropped their target price 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, BMO Capital Markets set a C$13.00 price objective on Parex Resources and gave the company a “market perform” rating in a report on Thursday, September 19th.

Parex Resources Price Performance

The company has a 50 day moving average price of C$15.83 and a two-hundred day moving average price of C$20.12. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$28.23. The firm has a market capitalization of C$1.21 billion, a PE ratio of 2.92, a P/E/G ratio of 0.21 and a beta of 1.45. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90.

Parex Resources (TSE:PXT) last issued its earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The business had revenue of C$499.23 million during the quarter. Parex Resources had a net margin of 26.15% and a return on equity of 17.02%. As a group, equities research analysts anticipate that Parex Resources will post 1.7625369 EPS for the current fiscal year.

Parex Resources Dividend Announcement

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

Insider Buying and Selling

In other Parex Resources news, Senior Officer Wayne Kim Foo bought 4,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average cost of C$13.05 per share, for a total transaction of C$52,200.00. In other news, Senior Officer Wayne Kim Foo purchased 4,000 shares of the stock in a transaction on Friday, August 30th. The stock was purchased at an average price of C$13.05 per share, for a total transaction of C$52,200.00. Also, Senior Officer Eric Furlan bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of C$11.85 per share, for a total transaction of C$35,550.00. Insiders purchased a total of 54,804 shares of company stock worth $705,285 in the last three months. 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.