Brokerages Set Parex Resources Inc. (TSE:PXT) Price Target at C$21.86

Parex Resources Inc. (TSE:PXT) has received a consensus rating of “Hold” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is C$21.86.

A number of research analysts have weighed in on PXT shares. Eight Capital downgraded shares of Parex Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from C$32.50 to C$16.00 in a research report on Friday, August 30th. Scotiabank cut their price objective on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating for the company in a research report on Friday, August 30th. Haywood Securities decreased 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 report on Friday, August 30th. Jefferies Financial Group dropped their price target on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Finally, BMO Capital Markets upped their price objective on shares of Parex Resources from C$13.00 to C$14.00 in a research report on Thursday, November 7th.

Insider Transactions at Parex Resources

In related news, Senior Officer Cam Grainger bought 13,500 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was acquired at an average cost of C$13.45 per share, with a total value of C$181,575.00. Insiders own 1.64% of the company’s stock.

Parex Resources Price Performance

Shares of TSE PXT opened at C$13.75 on Friday. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.14 and a quick ratio of 1.45. The stock has a market capitalization of C$1.39 billion, a price-to-earnings ratio of 3.28, a PEG ratio of 0.21 and a beta of 1.43. The firm’s 50 day simple moving average is C$13.91 and its 200-day simple moving average is C$16.83. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$25.78.

Parex Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 11.20%. The ex-dividend date is Monday, December 9th. Parex Resources’s payout ratio is 36.75%.

Parex Resources Company Profile

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.