Parex Resources Inc. (TSE:PXT) Given Consensus Recommendation of “Hold” by Brokerages

Parex Resources Inc. (TSE:PXT) has been assigned an average recommendation of “Hold” from the six research firms that are currently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is C$21.86.

Several brokerages recently issued reports on PXT. Eight Capital lowered Parex Resources from a “buy” rating to a “neutral” rating and reduced their target price for the company from C$32.50 to C$16.00 in a research report on Friday, August 30th. BMO Capital Markets lifted their target price on shares of Parex Resources from C$13.00 to C$14.00 in a research note on Thursday, November 7th. Cormark cut their price target on shares of Parex Resources from C$33.00 to C$30.00 in a research note on Thursday, August 1st. Jefferies Financial Group lowered their price objective on shares of Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Finally, Haywood Securities cut their target price on 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.

Parex Resources Stock Performance

Shares of PXT stock opened at C$14.10 on Wednesday. Parex Resources has a 12-month low of C$11.33 and a 12-month high of C$28.23. The business’s fifty day simple moving average is C$12.87 and its 200-day simple moving average is C$18.24. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90. The company has a market cap of C$1.43 billion, a PE ratio of 3.37, a PEG ratio of 0.21 and a beta of 1.43.

Parex Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders 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 10.92%. Parex Resources’s payout ratio is currently 36.75%.

Insider Transactions at Parex Resources

In related news, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of Parex Resources 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 other news, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of the company’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, for a total transaction of C$100,115.00. Also, Senior Officer Eric Furlan acquired 3,000 shares of the firm’s stock in a transaction on 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 have purchased 54,804 shares of company stock worth $705,285 over the last quarter. 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.