Parex Resources (TSE:PXT) Sets New 1-Year High – Still a Buy?

Shares of Parex Resources Inc. (TSE:PXT) hit a new 52-week high on Thursday . The stock traded as high as C$19.85 and last traded at C$19.44, with a volume of 576360 shares traded. The stock had previously closed at C$19.14.

Analyst Upgrades and Downgrades

PXT has been the topic of a number of research analyst reports. Royal Bank Of Canada reduced their price target on shares of Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 13th. Jefferies Financial Group boosted their target price on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Roth Mkm set a C$24.00 price target on Parex Resources and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Scotiabank lifted their price objective on Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$20.90.

Parex Resources Stock Performance

The company has a market capitalization of C$1.87 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 0.21 and a beta of 0.76. 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 stock’s fifty day simple moving average is C$18.43 and its 200-day simple moving average is C$17.60.

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

Parex Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were given a $0.385 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a $1.54 dividend on an annualized basis and a yield of 7.9%. Parex Resources’s dividend payout ratio (DPR) is currently 92.82%.

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