Brokerages Set Parex Resources Inc. (TSE:PXT) PT at C$25.27

Shares of Parex Resources Inc. (TSE:PXT) have been given an average recommendation of “Hold” by the five brokerages that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is C$25.27.

PXT has been the subject of a number of recent research reports. Jefferies Financial Group reduced their price objective on Parex Resources from C$23.80 to C$19.50 in a research note on Thursday. Royal Bank of Canada cut Parex Resources from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from C$23.00 to C$17.00 in a research report on Thursday. Scotiabank lowered their price objective on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a research report on Friday. Cormark cut their target price on shares of Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Finally, Haywood Securities decreased their target price on shares of Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a research note on Friday.

Parex Resources Stock Up 2.7 %

TSE:PXT opened at C$13.53 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90. Parex Resources has a twelve month low of C$11.33 and a twelve month high of C$28.23. The company has a market cap of C$1.37 billion, a PE ratio of 3.28, a P/E/G ratio of 0.21 and a beta of 1.47. The company’s 50 day moving average is C$19.48 and its two-hundred day moving average is C$21.32.

Parex Resources (TSE:PXT) last posted its quarterly earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share for the quarter. The business 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%. Analysts anticipate that Parex Resources will post 4.0255814 EPS for the current year.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 16th will be issued a $0.385 dividend. The ex-dividend date is Monday, September 9th. This represents a $1.54 annualized dividend and a dividend yield of 11.38%. Parex Resources’s dividend payout ratio is presently 37.38%.

Insider Buying and Selling at Parex Resources

In other news, Director G.R. (Bob) Mac Dougall bought 7,674 shares of Parex Resources stock in a transaction on Friday, August 30th. The shares were bought at an average cost of C$13.05 per share, with a total value of C$100,115.00. 1.56% of the stock is owned by company insiders.

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.