Parex Resources (TSE:PXT) Given New C$14.00 Price Target at BMO Capital Markets

Parex Resources (TSE:PXT) had its price objective lifted by BMO Capital Markets from C$13.00 to C$14.00 in a research note issued to investors on Thursday,BayStreet.CA reports.

A number of other brokerages have also weighed in on PXT. Royal Bank of Canada decreased their target price on Parex Resources from C$17.00 to C$15.00 in a research report on Tuesday, September 17th. Cormark decreased their target price on Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Jefferies Financial Group decreased their target price on Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Scotiabank reduced their price target on shares of 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. Finally, Eight Capital lowered shares of Parex Resources from a “buy” rating to a “neutral” rating and reduced their price target for the company from C$32.50 to C$16.00 in a research report on Friday, August 30th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of C$21.86.

Parex Resources Price Performance

Shares of TSE:PXT opened at C$14.05 on Thursday. Parex Resources has a fifty-two week low of C$11.33 and a fifty-two week high of C$28.23. The business has a 50-day simple moving average of C$12.85 and a two-hundred day simple moving average of C$18.41. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. The firm has a market cap of C$1.42 billion, a price-to-earnings ratio of 3.35, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43.

Parex Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.385 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 10.96%. Parex Resources’s dividend payout ratio (DPR) is presently 36.75%.

Insider Activity at Parex Resources

In related news, Director G.R. (Bob) Mac Dougall acquired 7,674 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. In related news, Director G.R. (Bob) Mac Dougall acquired 7,674 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. Also, Senior Officer Wayne Kim Foo acquired 4,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of C$13.05 per share, with a total value of C$52,200.00. In the last ninety days, insiders purchased 54,804 shares of company stock worth $705,285. 1.64% of the stock is owned by company insiders.

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.