Parex Resources (TSE:PXT) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Parex Resources Inc. (TSE:PXT) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$17.10 and traded as high as C$18.62. Parex Resources shares last traded at C$18.43, with a volume of 467,480 shares traded.

Analysts Set New Price Targets

PXT has been the topic of several analyst reports. Jefferies Financial Group raised their target price on Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Scotiabank boosted their target price on shares of Parex Resources from C$17.00 to C$20.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 9th. Royal Bank Of Canada upped their target price on shares of Parex Resources from C$20.00 to C$21.00 and gave the company a “sector perform” rating in a research note on Tuesday, October 7th. Roth Capital set a C$24.00 price target on shares of Parex Resources and gave the company a “buy” rating in a report on Friday, December 12th. Finally, BMO Capital Markets raised shares of Parex Resources from a “hold” rating to an “outperform” rating and lifted their price target for the stock from C$16.00 to C$20.00 in a research note on Monday, September 15th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$21.10.

Parex Resources Stock Performance

The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. The company has a 50 day moving average price of C$18.30 and a 200 day moving average price of C$17.10. The company has a market capitalization of C$1.80 billion, a PE ratio of 15.62, a PEG ratio of 0.21 and a beta of 0.61.

Parex Resources (TSE:PXT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported C$0.52 earnings per share (EPS) for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%. The firm had revenue of C$311.63 million for the quarter.

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 15th were paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 8.4%. The ex-dividend date was Monday, December 8th. Parex Resources’s dividend payout ratio is 92.82%.

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.