Brokerages Set Parex Resources Inc. (TSE:PXT) PT at C$21.86

Shares of Parex Resources Inc. (TSE:PXT) have earned a consensus recommendation of “Hold” from the six analysts that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is C$21.86.

PXT has been the subject of several research reports. Haywood Securities lowered their price objective on shares of Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Eight Capital lowered Parex Resources from a “buy” rating to a “neutral” rating and decreased their price objective for the company from C$32.50 to C$16.00 in a research report on Friday, August 30th. Scotiabank dropped their target price on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating for the company in a research report on Friday, August 30th. BMO Capital Markets upped their price target on Parex Resources from C$13.00 to C$14.00 in a research note on Thursday, November 7th. Finally, Jefferies Financial Group dropped their price objective on Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th.

Parex Resources Trading Up 2.8 %

Shares of Parex Resources stock opened at C$14.94 on Wednesday. The stock has a market capitalization of C$1.51 billion, a P/E ratio of 3.57, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43. The company has a 50-day simple moving average of C$12.94 and a 200 day simple moving average of C$18.04. The company has a quick ratio of 1.45, a current ratio of 1.14 and a debt-to-equity ratio of 2.90. Parex Resources has a 12-month low of C$11.33 and a 12-month high of C$28.23.

Parex Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 9th will be paid a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 10.31%. The ex-dividend date of this dividend is Monday, December 9th. Parex Resources’s dividend payout ratio is 36.75%.

Insider Activity

In related news, Senior Officer Eric Furlan acquired 3,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was bought at an average price of C$11.85 per share, for a total transaction of C$35,550.00. Also, Director Glenn Mcnamara acquired 7,200 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were bought at an average price of C$13.08 per share, for a total transaction of C$94,140.00. Insiders have bought a total of 54,804 shares of company stock worth $705,285 over the last three months. Corporate insiders own 1.64% of the company’s stock.

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.