Parex Resources (TSE:PXT) Given New C$20.00 Price Target at Royal Bank Of Canada

Parex Resources (TSE:PXT) had its price objective upped by Royal Bank Of Canada from C$18.00 to C$20.00 in a report published on Monday morning,BayStreet.CA reports. They currently have a sector perform rating on the stock.

Several other research firms have also recently commented on PXT. BMO Capital Markets raised Parex Resources from a “hold” rating to an “outperform” rating and boosted their price objective for the company from C$16.00 to C$20.00 in a report on Monday, September 15th. Scotiabank boosted their price objective on Parex Resources from C$16.00 to C$17.00 and gave the company a “sector perform” rating in a report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of C$19.00.

Parex Resources Trading Down 3.0%

TSE:PXT opened at C$18.85 on Monday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. Parex Resources has a one year low of C$10.30 and a one year high of C$19.81. The business’s 50-day simple moving average is C$16.95 and its 200 day simple moving average is C$14.48. The stock has a market cap of C$1.85 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 0.21 and a beta of 0.47.

Parex Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 15th were given a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 8.2%. The ex-dividend date was Monday, September 8th. Parex Resources’s dividend payout ratio is presently 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.