Parex Resources (TSE:PXT) Price Target Raised to C$21.00

Parex Resources (TSE:PXT) had its target price upped by Royal Bank Of Canada from C$20.00 to C$21.00 in a report published on Tuesday morning,BayStreet.CA reports. They currently have a sector perform rating on the stock.

A number of other research analysts have also recently issued reports on PXT. Scotiabank lifted their price objective on shares of 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. BMO Capital Markets upgraded shares of Parex Resources from a “hold” rating to an “outperform” rating and lifted their price objective for the company from C$16.00 to C$20.00 in a report on Monday, September 15th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of C$20.33.

Parex Resources Trading Up 0.8%

PXT opened at C$18.80 on Tuesday. Parex Resources has a 1-year low of C$10.30 and a 1-year high of C$19.81. 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 company has a market cap of C$1.85 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 0.21 and a beta of 0.50. The company has a fifty day moving average price of C$17.44 and a two-hundred day moving average price of C$14.73.

Parex Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 15th were issued a dividend of $0.385 per share. The ex-dividend date was Monday, September 8th. This represents a $1.54 annualized dividend and a yield of 8.2%. Parex Resources’s payout ratio is 84.24%.

About Parex Resources

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.