Parex Resources (TSE:PXT) Sets New 52-Week High – Time to Buy?

by · The Cerbat Gem

Parex Resources Inc. (TSE:PXT – Get Free Report)’s stock price hit a new 52-week high on Wednesday . The company traded as high as C$20.73 and last traded at C$20.71, with a volume of 783715 shares traded. The stock had previously closed at C$19.70.

Analysts Set New Price Targets

PXT has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price target on shares of Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Royal Bank Of Canada reduced their price objective on shares of Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating for the company in a report on Tuesday, January 13th. Roth Mkm set a C$24.00 target price on shares of Parex Resources and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Scotiabank lifted their price target on Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$20.90.

View Our Latest Stock Report on Parex Resources

Parex Resources Stock Down 1.3%

The company has a current ratio of 1.18, a quick ratio of 1.45 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of C$2.00 billion, a P/E ratio of 17.70, a P/E/G ratio of 0.21 and a beta of 0.76. The stock’s 50-day simple moving average is C$18.58 and its 200-day simple moving average is C$17.77.

Parex Resources (TSE:PXT – Get Free Report) last announced its earnings results on Tuesday, November 4th. The company reported C$0.52 earnings per share for the quarter. The firm had revenue of C$311.63 million for the quarter. Parex Resources had a return on equity of 13.52% and a net margin of 19.08%.

Parex Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date was Monday, December 8th. Parex Resources’s dividend payout ratio is 92.82%.

About Parex Resources

(Get Free Report)

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.

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