Parex Resources (TSE:PXT) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Parex Resources Inc. (TSE:PXT)’s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$23.78 and traded as high as C$24.03. Parex Resources shares last traded at C$23.73, with a volume of 1,028,221 shares.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PXT. Scotiabank upped their price target on Parex Resources from C$20.00 to C$29.00 and gave the company a “sector perform” rating in a report on Monday, June 22nd. Royal Bank Of Canada lifted their price objective on Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$25.10.

Parex Resources Stock Up 2.6%

The company has a quick ratio of 1.45, a current ratio of 1.49 and a debt-to-equity ratio of 9.51. The company’s fifty day moving average is C$24.32 and its 200-day moving average is C$23.78. The company has a market cap of C$2.28 billion, a PE ratio of 12.83, a PEG ratio of 0.21 and a beta of 0.19.

Parex Resources (TSE:PXT) last posted its earnings results on Tuesday, May 12th. The company reported C$0.07 earnings per share for the quarter. The company had revenue of C$284.35 million for the quarter. Parex Resources had a return on equity of 9.34% and a net margin of 19.59%.

Insiders Place Their Bets

In other news, insider Imad Mohsen bought 24,250 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were bought at an average price of C$20.61 per share, for a total transaction of C$499,792.50. Following the purchase, the insider owned 165,410 shares in the company, valued at C$3,409,100.10. This represents a 17.18% increase in their ownership of the stock. 1.64% of the stock is owned by corporate insiders.

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.