BMO Capital Markets Forecasts Strong Price Appreciation for Parex Resources (TSE:PXT) Stock

Parex Resources (TSE:PXT) had its price objective hoisted by equities researchers at BMO Capital Markets from C$13.00 to C$14.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. BMO Capital Markets’ target price suggests a potential downside of 1.55% from the company’s current price.

A number of other research firms have also commented on PXT. Scotiabank dropped their price objective on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating on the stock in a research note on Friday, August 30th. Eight Capital lowered Parex Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from C$32.50 to C$16.00 in a report on Friday, August 30th. Cormark lowered their price objective on shares of Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Jefferies Financial Group dropped their target price on shares of Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Finally, 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 report on Friday, August 30th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$21.86.

Parex Resources Stock Performance

TSE:PXT traded up C$0.23 during midday trading on Thursday, reaching C$14.22. The stock had a trading volume of 367,020 shares, compared to its average volume of 709,711. The stock has a market capitalization of C$1.44 billion, a P/E ratio of 3.40, a PEG ratio of 0.21 and a beta of 1.43. Parex Resources has a 1-year low of C$11.33 and a 1-year high of C$28.23. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.14 and a quick ratio of 1.45. The firm’s fifty day simple moving average is C$12.97 and its 200-day simple moving average is C$18.54.

Insider Buying and Selling

In related news, Senior Officer Eric Furlan acquired 3,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were bought at an average cost of C$11.85 per share, with a total value of C$35,550.00. In other news, Senior Officer Wayne Kim Foo bought 4,000 shares of the stock in a transaction dated Friday, August 30th. The shares were acquired at an average price of C$13.05 per share, with a total value of C$52,200.00. Also, Senior Officer Eric Furlan bought 3,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was purchased at an average price of C$11.85 per share, with a total value of C$35,550.00. Insiders acquired 54,804 shares of company stock valued at $705,285 over the last quarter. Corporate insiders own 1.64% 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.