Parex Resources (TSE:PXT) Cut to “Neutral” at Eight Capital

Eight Capital lowered shares of Parex Resources (TSE:PXT) from a buy rating to a neutral rating in a report issued on Friday, BayStreet.CA reports. Eight Capital currently has C$16.00 target price on the stock, down from their previous target price of C$32.50.

A number of other brokerages have also weighed in on PXT. Cormark decreased their price objective on Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Haywood Securities decreased their price target on shares of Parex Resources from C$33.00 to C$25.00 and set a buy rating on the stock in a research note on Friday. Jefferies Financial Group dropped their price objective on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday. Royal Bank of Canada lowered shares of Parex Resources from an outperform rating to a sector perform rating and decreased their target price for the stock from C$23.00 to C$17.00 in a research note on Thursday. Finally, Scotiabank dropped 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 report on Friday. Three equities 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.com, the stock presently has a consensus rating of Hold and an average price target of C$25.27.

Parex Resources Stock Performance

PXT opened at C$13.53 on Friday. The company has a market cap of C$1.37 billion, a price-to-earnings ratio of 3.28, a PEG ratio of 0.21 and a beta of 1.47. The firm’s fifty day simple moving average is C$19.48 and its two-hundred day simple moving average is C$21.32. 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 52-week low of C$11.33 and a 52-week high of C$28.23.

Parex Resources (TSE:PXT) last released its 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%. Equities analysts anticipate that Parex Resources will post 4.0255814 earnings per share for the current fiscal year.

Parex Resources Dividend Announcement

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

Insider Activity

In other Parex Resources news, Director G.R. (Bob) Mac Dougall bought 7,674 shares of the business’s stock in a transaction on Friday, August 30th. The stock was bought at an average price of C$13.05 per share, with a total value of C$100,115.00. Corporate insiders own 1.56% 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.