Parex Resources (TSE:PXT) Reaches New 1-Year High Following Analyst Upgrade

Parex Resources Inc. (TSE:PXT)’s stock price reached a new 52-week high during trading on Monday after BMO Capital Markets upgraded the stock from a market perform rating to an outperform rating. BMO Capital Markets now has a C$20.00 price target on the stock, up from their previous price target of C$16.00. Parex Resources traded as high as C$17.98 and last traded at C$17.95, with a volume of 642169 shares changing hands. The stock had previously closed at C$17.00.

PXT has been the topic of several other reports. Scotiabank lifted their target price on Parex Resources from C$16.00 to C$17.00 and gave the stock a “sector perform” rating in a report on Thursday, July 31st. Royal Bank Of Canada lifted their target price on Parex Resources from C$16.00 to C$18.00 and gave the stock a “sector perform” rating in a report on Thursday, July 31st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$18.33.

Insiders Place Their Bets

In related news, Director Sigmund Cornelius acquired 5,000 shares of Parex Resources stock in a transaction on Friday, June 20th. The shares were bought at an average cost of C$15.15 per share, with a total value of C$75,726.75. 1.64% of the stock is owned by insiders.

Parex Resources Stock Up 7.0%

The company has a 50-day simple moving average of C$16.04 and a 200-day simple moving average of C$14.04. The firm has a market cap of C$1.79 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 0.21 and a beta of 0.47. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45.

Parex Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 15th were given a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a dividend yield of 8.5%. The ex-dividend date was Monday, September 8th. Parex Resources’s payout ratio is 84.24%.

Parex Resources Company Profile

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.