Parex Resources Inc. (TSE:PXT) Plans Dividend Increase – $0.39 Per Share

Parex Resources Inc. (TSE:PXT) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Monday, June 10th will be given a dividend of 0.385 per share on Monday, June 17th. This represents a $1.54 annualized dividend and a dividend yield of 6.26%. The ex-dividend date of this dividend is Monday, June 10th. This is a boost from Parex Resources’s previous quarterly dividend of $0.38.

Parex Resources Trading Up 3.9 %

Shares of PXT opened at C$24.60 on Friday. The stock has a fifty day moving average of C$22.51 and a two-hundred day moving average of C$23.81. 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 has a fifty-two week low of C$20.17 and a fifty-two week high of C$30.06. The company has a market capitalization of C$2.54 billion, a PE ratio of 4.16, a price-to-earnings-growth ratio of 0.21 and a beta of 1.59.

Parex Resources (TSE:PXT) last posted its earnings results on Thursday, February 29th. The company reported C$1.74 earnings per share for the quarter, beating the consensus estimate of C$1.42 by C$0.32. The business 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%. As a group, analysts forecast that Parex Resources will post 5.8679707 EPS for the current year.

Insider Activity at Parex Resources

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

Wall Street Analyst Weigh In

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

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.