Parex Resources (TSE:PXT) Hits New 12-Month Low on Analyst Downgrade

Parex Resources Inc. (TSE:PXT) reached a new 52-week low during trading on Friday after Cormark lowered their price target on the stock from C$33.00 to C$30.00. The stock traded as low as C$17.00 and last traded at C$17.04, with a volume of 70327 shares traded. The stock had previously closed at C$18.51.

Separately, Jefferies Financial Group dropped their price objective on Parex Resources from C$27.20 to C$23.80 in a research note on Thursday.

Insider Buying and Selling at Parex Resources

In other news, Director Robert John Engbloom acquired 10,000 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were acquired at an average cost of C$23.22 per share, with a total value of C$232,200.00. Insiders own 1.54% of the company’s stock.

Parex Resources Stock Down 7.9 %

The company has a quick ratio of 1.45, a current ratio of 1.25 and a debt-to-equity ratio of 3.35. The company has a 50 day simple moving average of C$21.53 and a two-hundred day simple moving average of C$22.10. The company has a market capitalization of C$1.74 billion, a P/E ratio of 3.43, a PEG ratio of 0.21 and a beta of 1.56.

Parex Resources (TSE:PXT) last released its earnings results on Wednesday, May 8th. The company reported C$0.78 earnings per share for the quarter, missing the consensus estimate of C$1.03 by C($0.25). Parex Resources had a net margin of 35.11% and a return on equity of 22.25%. The company had revenue of C$382.38 million for the quarter. As a group, equities analysts predict that Parex Resources Inc. will post 5.2746479 EPS for the current year.

Parex Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 9.04%. The ex-dividend date of this dividend is Monday, September 9th. Parex Resources’s dividend payout ratio is currently 28.52%.

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.