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

Parex Resources Inc. (TSE:PXT) announced a quarterly dividend on Tuesday, November 5th, Zacks reports. Stockholders of record on Monday, December 9th will be paid a dividend of 0.385 per share on Monday, December 16th. This represents a $1.54 annualized dividend and a dividend yield of 10.72%. The ex-dividend date of this dividend is Monday, December 9th.

Parex Resources Stock Up 2.7 %

Shares of TSE PXT traded up C$0.38 on Thursday, hitting C$14.37. The company had a trading volume of 16,796 shares, compared to its average volume of 708,197. Parex Resources has a 12-month low of C$11.33 and a 12-month high of C$28.23. The business has a 50 day moving average of C$12.97 and a two-hundred day moving average of C$18.54. The company has a quick ratio of 1.45, a current ratio of 1.14 and a debt-to-equity ratio of 2.90. The firm has a market capitalization of C$1.45 billion, a P/E ratio of 3.34, a PEG ratio of 0.21 and a beta of 1.43.

Insider Activity at Parex Resources

In other Parex Resources news, Senior Officer Eric Furlan bought 3,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were purchased at an average cost of C$11.85 per share, for a total transaction of C$35,550.00. In other news, Senior Officer Eric Furlan purchased 3,000 shares of the 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. Also, Director Sigmund Cornelius purchased 10,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of C$12.10 per share, for a total transaction of C$121,040.00. Insiders have acquired 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 company insiders.

Analysts Set New Price Targets

PXT has been the subject of a number of analyst reports. Eight Capital downgraded Parex Resources from a “buy” rating to a “neutral” rating and reduced their price target for the company from C$32.50 to C$16.00 in a report on Friday, August 30th. Royal Bank of Canada reduced their target price on Parex Resources from C$17.00 to C$15.00 in a report on Tuesday, September 17th. BMO Capital Markets set a C$13.00 target price on Parex Resources and gave the stock a “market perform” rating in a report on Thursday, September 19th. Jefferies Financial Group reduced their target price on Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Finally, Cormark reduced their target price on Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of C$21.74.

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.