Parex Resources Inc. (TSE:PXT) Given Average Rating of “Hold” by Analysts

Parex Resources Inc. (TSE:PXT) has been assigned an average recommendation of “Hold” from the six brokerages that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is C$21.86.

PXT has been the topic of several recent research reports. Haywood Securities reduced their target price 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, August 30th. Eight Capital lowered shares of Parex Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from C$32.50 to C$16.00 in a research note on Friday, August 30th. Jefferies Financial Group reduced their price objective on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. BMO Capital Markets lifted their price objective on shares of Parex Resources from C$13.00 to C$14.00 in a research note on Thursday, November 7th. Finally, Royal Bank of Canada reduced their price objective on shares of Parex Resources from C$17.00 to C$15.00 in a research note on Tuesday, September 17th.

Insider Buying and Selling

In other news, Senior Officer Imad Mohsen bought 13,100 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of C$13.33 per share, for a total transaction of C$174,623.00. Also, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average cost of C$13.05 per share, with a total value of C$100,115.00. Insiders bought 54,804 shares of company stock valued at $705,285 over the last quarter. 1.64% of the stock is owned by company insiders.

Parex Resources Stock Down 0.6 %

Shares of TSE PXT opened at C$15.02 on Wednesday. The firm has a market capitalization of C$1.52 billion, a PE ratio of 3.58, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43. 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 1 year low of C$11.33 and a 1 year high of C$28.23. The firm’s 50-day moving average is C$13.02 and its 200-day moving average is C$17.91.

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be given a dividend of $0.385 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.54 annualized dividend and a yield of 10.25%. Parex Resources’s dividend payout ratio is 36.75%.

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.