Parex Resources (TSE:PXT) Shares Down 16.8% – Here’s What Happened

Shares of Parex Resources Inc. (TSE:PXT) were down 16.8% on Friday. The company traded as low as C$19.70 and last traded at C$19.74. 1,574,777 shares traded hands during mid-day trading, an increase of 81% from the average session volume of 871,435 shares. The stock had previously closed at C$23.74.

Analysts Set New Price Targets

Several research analysts have issued reports on PXT shares. ATB Cormark Capital Markets set a C$35.00 target price on Parex Resources and gave the stock an “outperform” rating in a research report on Monday, October 26th. Scotiabank upped their price target on shares of 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 investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Parex Resources has an average rating of “Moderate Buy” and a consensus target price of C$28.30.

Parex Resources Trading Down 16.6%

The firm has a market capitalization of C$1.90 billion, a PE ratio of 3.33, a PEG ratio of 0.21 and a beta of 0.25. The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66. The stock’s fifty day simple moving average is C$27.91 and its 200 day simple moving average is C$25.33.

Parex Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.3850 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 7.8%. Parex Resources’s payout ratio is presently 18.57%.

Insider Activity

In other news, insider Eric Furlan sold 8,000 shares of the company’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of C$29.20, for a total value of C$233,600.00. Following the completion of the sale, the insider directly owned 111,301 shares in the company, valued at C$3,249,989.20. This represents a 6.71% decrease in their position. Also, insider Cam Grainger acquired 2,000 shares of Parex Resources stock in a transaction dated Monday, August 24th. The stock was bought at an average price of C$27.40 per share, with a total value of C$54,800.00. Following the completion of the purchase, the insider directly owned 43,584 shares in the company, valued at C$1,194,201.60. This represents a 4.81% increase in their ownership of the stock. Insiders own 1.64% of the company’s stock.

About Parex Resources

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.