Parex Resources Inc. (TSE:PXT – Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$23.82 and traded as high as C$23.95. Parex Resources shares last traded at C$23.52, with a volume of 559,175 shares.
Analysts Set New Price Targets
Several research firms recently weighed in on PXT. Royal Bank of Canada cut their price objective on shares of Parex Resources from C$32.00 to C$28.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. Scotiabank dropped their target price on shares of Parex Resources from C$28.00 to C$27.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. Stifel Nicolaus dropped their target price on shares of Parex Resources from C$32.75 to C$31.00 and set a “buy” rating for the company in a report on Monday, March 4th. Finally, TD Securities dropped their target price on shares of Parex Resources from C$28.70 to C$27.20 in a report on Tuesday, January 16th.
Parex Resources Price Performance
Parex Resources (TSE:PXT – Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The company reported C$1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.42 by C$0.32. Parex Resources had a return on equity of 25.03% and a net margin of 39.26%. The company had revenue of C$508.73 million during the quarter. Sell-side analysts forecast that Parex Resources Inc. will post 5.8679707 EPS for the current fiscal year.
Parex Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 6.38%. The ex-dividend date of this dividend was Thursday, March 14th. Parex Resources’s dividend payout ratio is currently 25.38%.
Insider Activity
In other news, Senior Officer Imad Mohsen acquired 9,500 shares of the stock in a transaction dated Monday, March 18th. The stock was bought at an average price of C$21.10 per share, with a total value of C$200,450.00. 1.54% of the stock is currently owned by insiders.
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.
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