BMO Capital Markets Reiterates C$13.00 Price Target for Parex Resources (TSE:PXT)

BMO Capital Markets set a C$13.00 price target on Parex Resources (TSE:PXT) in a research report released on Thursday, BayStreet.CA reports. The brokerage currently has a market perform rating on the stock.

A number of other equities analysts also recently commented on PXT. Royal Bank of Canada reduced their target price on shares of Parex Resources from C$17.00 to C$15.00 in a research note on Tuesday, September 17th. Eight Capital lowered Parex Resources from a buy rating to a neutral rating and lowered their price objective for the stock from C$32.50 to C$16.00 in a research report on Friday, August 30th. Scotiabank reduced their target price on Parex Resources from C$23.00 to C$19.00 and set a sector perform rating on the stock in a research report on Friday, August 30th. Jefferies Financial Group lowered their price target on Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Finally, Cormark reduced their price objective on shares of Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of C$22.97.

Parex Resources Trading Down 0.9 %

Shares of Parex Resources stock opened at C$12.01 on Thursday. 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 stock’s 50 day simple moving average is C$16.79 and its 200-day simple moving average is C$20.42. The stock has a market cap of C$1.22 billion, a P/E ratio of 2.85, a P/E/G ratio of 0.21 and a beta of 1.45. Parex Resources has a 1-year low of C$11.33 and a 1-year high of C$28.23.

Parex Resources (TSE:PXT) last issued its earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. The company had revenue of C$499.23 million during the quarter. Analysts predict that Parex Resources will post 2.6732456 EPS for the current fiscal year.

Parex Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 16th were paid a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a yield of 12.82%. The ex-dividend date of this dividend was Monday, September 9th. Parex Resources’s payout ratio is 36.49%.

Insider Buying and Selling at Parex Resources

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