Parex Resources (TSE:PXT) Given New C$15.00 Price Target at Royal Bank of Canada

Parex Resources (TSE:PXT) had its price target cut by Royal Bank of Canada from C$17.00 to C$15.00 in a research report sent to investors on Tuesday, BayStreet.CA reports.

PXT has been the topic of a number of other research reports. Haywood Securities lowered their target price on Parex Resources from C$33.00 to C$25.00 and set a buy rating on the stock in a research note on Friday, August 30th. Jefferies Financial Group decreased their price target on Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Scotiabank decreased their price target on 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. Eight Capital downgraded Parex Resources from a buy rating to a neutral rating and decreased their price target for the stock from C$32.50 to C$16.00 in a research note on Friday, August 30th. Finally, Cormark decreased their price target on Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Parex Resources currently has an average rating of Hold and a consensus price target of C$22.97.

Parex Resources Stock Down 0.9 %

Shares of Parex Resources stock opened at C$12.01 on Tuesday. The stock’s fifty day moving average is C$16.79 and its 200-day moving average is C$20.42. The firm has a market capitalization of C$1.22 billion, a PE ratio of 2.85, a price-to-earnings-growth ratio of 0.21 and a beta of 1.45. The company has a quick ratio of 1.45, a current ratio of 1.14 and a debt-to-equity ratio of 2.90. Parex Resources has a 12-month low of C$11.33 and a 12-month high of C$28.23.

Parex Resources (TSE:PXT) last announced its earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The company had revenue of C$499.23 million for the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. Equities analysts anticipate that Parex Resources will post 2.6732456 earnings per share for the current year.

Parex Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 16th were issued a $0.385 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $1.54 annualized dividend and a yield of 12.82%. Parex Resources’s dividend payout ratio (DPR) is 36.49%.

Insider Buying and Selling at Parex Resources

In related news, Senior Officer Eric Furlan bought 3,000 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of C$11.85 per share, with a total value of C$35,550.00. In other Parex Resources news, Senior Officer Eric Furlan purchased 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were acquired 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 firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were acquired at an average price of C$12.10 per share, for a total transaction of C$121,040.00. Insiders bought a total of 54,804 shares of company stock valued at $705,285 in the last quarter. Corporate insiders own 1.64% of the company’s stock.

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.