Parex Resources (TSE:PXT) Sets New 52-Week High After Dividend Announcement

Parex Resources Inc. (TSE:PXT) reached a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as C$26.45 and last traded at C$26.36, with a volume of 345987 shares. The stock had previously closed at C$26.32.

The newly announced dividend which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 25th will be issued a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 5.8%. The ex-dividend date is Wednesday, March 18th. Parex Resources’s dividend payout ratio is 42.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. 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. Jefferies Financial Group boosted their price objective on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Finally, Royal Bank Of Canada increased their target price on Parex Resources from C$23.00 to C$28.00 and gave the stock a “sector perform” rating in a research note on Friday, March 13th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Parex Resources has a consensus rating of “Moderate Buy” and a consensus target price of C$22.50.

Parex Resources Stock Up 1.3%

The firm has a market capitalization of C$2.56 billion, a P/E ratio of 10.18, a PEG ratio of 0.21 and a beta of 0.63. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11. The firm’s 50-day moving average is C$21.30 and its 200 day moving average is C$19.29.

Parex Resources (TSE:PXT) last released its earnings results on Wednesday, March 4th. The company reported C$0.43 earnings per share (EPS) for the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.The firm had revenue of C$223.53 million during the quarter.

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.