Parex Resources (OTCMKTS:PARXF) Stock Passes Below 50-Day Moving Average – What’s Next?

Parex Resources Inc. (OTCMKTS:PARXF)’s stock price crossed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $13.09 and traded as low as $12.90. Parex Resources shares last traded at $12.90, with a volume of 101,160 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PARXF. Royal Bank Of Canada reissued a “sector perform” rating on shares of Parex Resources in a report on Monday, September 29th. BMO Capital Markets upgraded Parex Resources to an “outperform” rating in a research report on Monday, September 15th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Parex Resources in a research note on Thursday, October 9th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold”.

Parex Resources Trading Down 2.9%

The business has a fifty day simple moving average of $13.09 and a two-hundred day simple moving average of $11.44.

Parex Resources Company Profile

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.