Parex Resources Inc. (TSE:PXT) Receives Average Rating of “Hold” from Brokerages

Parex Resources Inc. (TSE:PXT) has been given a consensus rating of “Hold” by the six research firms that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is C$21.86.

A number of research analysts recently commented on the stock. Eight Capital downgraded shares of Parex Resources from a “buy” rating to a “neutral” rating and lowered their price target for the company from C$32.50 to C$16.00 in a report on Friday, August 30th. Haywood Securities dropped their target price on Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a report on Friday, August 30th. Royal Bank of Canada cut their target price on Parex Resources from C$17.00 to C$15.00 in a research report on Tuesday, September 17th. Jefferies Financial Group lowered their price target on Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Finally, BMO Capital Markets boosted their price objective on shares of Parex Resources from C$13.00 to C$14.00 in a research report on Thursday, November 7th.

Parex Resources Price Performance

PXT stock opened at C$14.88 on Friday. Parex Resources has a 52 week low of C$11.33 and a 52 week high of C$25.90. The firm has a market capitalization of C$1.51 billion, a P/E ratio of 3.55, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43. The company has a fifty day simple moving average of C$13.75 and a two-hundred day simple moving average of C$17.16. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 16th will be paid a $0.385 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.54 dividend on an annualized basis and a yield of 10.35%. Parex Resources’s payout ratio is 36.75%.

Insider Transactions at Parex Resources

In other news, Senior Officer Eric Furlan purchased 3,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of C$11.85 per share, for a total transaction of C$35,550.00. Also, Director Glenn Mcnamara purchased 7,200 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of C$13.08 per share, with a total value of C$94,140.00. Over the last ninety days, insiders acquired 21,530 shares of company stock worth $266,629. 1.64% of the stock is currently owned by 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.