Parex Resources (TSE:PXT) Director Sigmund Cornelius Purchases 5,000 Shares of Stock

Parex Resources Inc. (TSE:PXT) Director Sigmund Cornelius acquired 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was acquired at an average price of C$19.84 per share, with a total value of C$99,200.00. Following the acquisition, the director owned 57,916 shares in the company, valued at C$1,149,053.44. The trade was a 9.45% increase in their ownership of the stock.

Parex Resources Price Performance

TSE:PXT opened at C$19.81 on Tuesday. The company has a market cap of C$1.91 billion, a PE ratio of 3.33, a P/E/G ratio of 0.21 and a beta of 0.25. Parex Resources Inc. has a one year low of C$17.12 and a one year high of C$30.44. The firm’s 50 day simple moving average is C$27.59 and its 200 day simple moving average is C$25.33. The company has a debt-to-equity ratio of 34.66, a current ratio of 0.88 and a quick ratio of 1.45.

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th were issued a $0.3850 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $1.54 annualized dividend and a yield of 7.8%. Parex Resources’s dividend payout ratio is presently 18.57%.

Key Headlines Impacting Parex Resources

Here are the key news stories impacting Parex Resources this week:

• Positive Sentiment: Two directors and insider Imad Mohsen reported buying Parex shares on November 9. The largest disclosed purchases were 24,870 shares by Mohsen for about C$499,141 and a combined 12,500 shares by the two directors for about C$251,150. Insider buying can be a positive confidence signal. Insider transactions
• Negative Sentiment: A report said Parex shares had fallen 16.8%, indicating significant recent selling pressure. The headline does not provide a reason for the decline or further details on what investors may expect next. Parex Resources Stock Price Down 16.8% – What’s Next?

Analyst Ratings Changes

PXT has been the subject of several recent analyst reports. Scotiabank increased their price objective on shares of Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 13th. ATB Cormark Capital Markets set a C$35.00 target price on shares of Parex Resources and gave the stock an “outperform” rating in a research note on Monday, October 26th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Parex Resources has a consensus rating of “Moderate Buy” and a consensus target price of C$28.30.

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.