Parex Resources (TSE:PXT) Price Target Raised to C$42.00

Parex Resources (TSE:PXTGet Rating) had its target price raised by equities research analysts at Stifel Nicolaus from C$40.00 to C$42.00 in a report released on Thursday, BayStreet.CA reports. Stifel Nicolaus’ target price indicates a potential upside of 66.53% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets reiterated a “buy” rating and issued a C$36.00 price target (up previously from C$34.00) on shares of Parex Resources in a research note on Thursday, February 3rd. Scotiabank increased their price target on shares of Parex Resources from C$35.00 to C$36.00 in a report on Tuesday, March 8th. Royal Bank of Canada raised their price target on shares of Parex Resources from C$32.00 to C$34.00 and gave the company an “outperform” rating in a research report on Friday, February 4th. Finally, Cormark upped their price objective on Parex Resources from C$36.00 to C$40.00 and gave the company an “outperform” rating in a research report on Monday, April 18th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$36.43.

Shares of TSE PXT opened at C$25.22 on Thursday. Parex Resources has a 1 year low of C$17.28 and a 1 year high of C$30.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.31 and a quick ratio of 2.26. The firm has a 50-day moving average of C$26.06 and a 200 day moving average of C$24.69. The stock has a market cap of C$3.01 billion and a P/E ratio of 8.04.

Parex Resources (TSE:PXTGet Rating) last posted its quarterly earnings results on Tuesday, March 1st. The company reported C$1.00 earnings per share for the quarter, topping the consensus estimate of C$0.99 by C$0.01. The company had revenue of C$397.55 million during the quarter. Research analysts expect that Parex Resources will post 5.7099995 earnings per share for the current fiscal year.

In other Parex Resources news, Director Sigmund Cornelius acquired 5,000 shares of the stock in a transaction dated Monday, April 25th. The shares were purchased at an average price of C$23.85 per share, for a total transaction of C$119,253.00. Following the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at C$238,506. Also, Director Paul David Wright sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 4th. The shares were sold at an average price of C$28.05, for a total transaction of C$168,300.00. Following the sale, the director now owns 30,000 shares of the company’s stock, valued at C$841,500. Insiders have sold a total of 73,500 shares of company stock worth $2,041,425 over the last three months.

About Parex Resources (Get Rating)

Parex Resources Inc engages in the exploration, development, production of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 6,521,632 gross acres. As of December 31, 2021, it had proved plus probable reserves of 198,825 million barrels of oil equivalent.

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