Parex Resources (TSE:PXT – Get Free Report) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Thursday, BayStreet.CA reports. They currently have a C$17.00 price objective on the stock, down from their prior price objective of C$23.00. Royal Bank of Canada’s price objective points to a potential upside of 25.65% from the company’s current price.
PXT has been the topic of several other research reports. Scotiabank reduced their price target on shares of Parex Resources from C$27.00 to C$23.00 and set a “sector perform” rating on the stock in a research report on Friday, August 16th. Jefferies Financial Group reduced their target price on shares of Parex Resources from C$27.20 to C$23.80 in a report on Thursday, August 1st. Finally, Cormark lowered their price target on shares of Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$25.27.
View Our Latest Research Report on PXT
Parex Resources Trading Up 2.7 %
Parex Resources (TSE:PXT – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) 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%. Equities research analysts predict that Parex Resources will post 4.0255814 EPS for the current fiscal year.
Insider Activity at Parex Resources
In other news, Director G.R. (Bob) Mac Dougall acquired 7,674 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was acquired at an average price of C$13.05 per share, with a total value of C$100,115.00. 1.56% of the stock is currently owned by 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.
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