Parex Resources (TSE:PXT) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Parex Resources Inc. (TSE:PXT) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$24.65 and traded as high as C$28.88. Parex Resources shares last traded at C$28.20, with a volume of 568,752 shares traded.

Wall Street Analyst Weigh In

Separately, Scotiabank boosted their target price on Parex Resources from C$29.00 to C$30.00 and gave the company a “sector perform” rating in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Parex Resources has a consensus rating of “Moderate Buy” and a consensus price target of C$25.30.

Parex Resources Stock Performance

The firm has a market capitalization of C$2.70 billion, a P/E ratio of 4.72, a P/E/G ratio of 0.21 and a beta of 0.18. The firm has a 50-day moving average price of C$23.89 and a two-hundred day moving average price of C$24.67. The company has a debt-to-equity ratio of 34.66, a current ratio of 0.88 and a quick ratio of 1.45.

Insiders Place Their Bets

In related news, insider Imad Mohsen acquired 24,250 shares of the stock in a transaction on Tuesday, July 7th. The stock was bought at an average cost of C$20.61 per share, with a total value of C$499,792.50. Following the transaction, the insider directly owned 165,410 shares in the company, valued at approximately C$3,409,100.10. This represents a 17.18% increase in their ownership of the stock. 1.64% of the stock is owned by insiders.

About Parex Resources

Parex Resources Inc engages in exploration, development, and production of crude oil. The company brings technology utilized in the Western Canada Sedimentary Basin to South American basins with large oil-in-place potential. Majority of the company’s properties are focused in Colombia, where it pays a royalty or tax to the government for its operations. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.