Parex Resources (TSE:PXT) Given New C$14.00 Price Target at BMO Capital Markets

by · The Markets Daily

Parex Resources (TSE:PXT – Free Report) had its target price hoisted by BMO Capital Markets from C$13.00 to C$14.00 in a research report report published on Thursday morning,BayStreet.CA reports.

Several other equities research analysts have also recently commented on PXT. Cormark cut their price target on shares of Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Jefferies Financial Group lowered their price objective on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Eight Capital lowered shares of Parex Resources from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from C$32.50 to C$16.00 in a research note on Friday, August 30th. Royal Bank of Canada lowered their price objective on shares of Parex Resources from C$17.00 to C$15.00 in a research note on Tuesday, September 17th. Finally, Scotiabank lowered their price objective on shares of Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a research note on Friday, August 30th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of C$21.86.

Check Out Our Latest Stock Analysis on PXT

Parex Resources Trading Down 1.5 %

Shares of TSE PXT traded down C$0.22 during midday trading on Thursday, reaching C$14.15. 192,542 shares of the stock were exchanged, compared to its average volume of 708,591. The business has a 50-day simple moving average of C$12.91 and a two-hundred day simple moving average of C$18.51. The company has a market capitalization of C$1.43 billion, a price-to-earnings ratio of 3.43, a P/E/G ratio of 0.21 and a beta of 1.43. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$28.23. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.14 and a quick ratio of 1.45.

Parex Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 10.88%. The ex-dividend date of this dividend is Monday, December 9th. Parex Resources’s dividend payout ratio is presently 36.75%.

Insider Buying and Selling at Parex Resources

In other Parex Resources news, Senior Officer Wayne Kim Foo acquired 4,000 shares of Parex Resources stock in a transaction dated Friday, August 30th. The stock was purchased at an average cost of C$13.05 per share, for a total transaction of C$52,200.00. In related news, Senior Officer Wayne Kim Foo bought 4,000 shares of the company’s stock in a transaction on Friday, August 30th. The shares were purchased at an average cost of C$13.05 per share, for a total transaction of C$52,200.00. Also, Director G.R. (Bob) Mac Dougall bought 7,674 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. Over the last ninety days, insiders purchased 54,804 shares of company stock valued at $705,285. Corporate insiders own 1.64% of the company’s stock.

About Parex Resources

(Get Free Report)

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.

Further Reading