Eight Capital lowered shares of Parex Resources (TSE:PXT – Free Report) from a buy rating to a neutral rating in a research report released on Friday morning, BayStreet.CA reports. The brokerage currently has C$16.00 target price on the stock, down from their prior target price of C$32.50.
A number of other equities analysts also recently weighed in on the stock. Haywood Securities dropped 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. Royal Bank of Canada downgraded Parex Resources from an outperform rating to a sector perform rating and cut their price target for the stock from C$23.00 to C$17.00 in a research note on Thursday, August 29th. Cormark lowered their price target on Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Jefferies Financial Group dropped their price target on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Finally, Scotiabank cut their price target on shares of Parex Resources from C$23.00 to C$19.00 and set a sector perform rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of C$25.27.
Read Our Latest Analysis 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 for the quarter. Parex Resources had a net margin of 26.15% and a return on equity of 17.02%. The firm had revenue of C$499.23 million for the quarter. As a group, equities research analysts forecast that Parex Resources will post 4.0255814 earnings per share for the current fiscal year.
Parex Resources Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 16th will be issued a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 11.38%. The ex-dividend date of this dividend is Monday, September 9th. Parex Resources’s dividend payout ratio (DPR) is currently 37.38%.
Insider Buying and Selling
In other news, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. 1.56% 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.
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