Parex Resources (TSE:PXT) Price Target Raised to C$23.00

Parex Resources (TSE:PXT) had its target price upped by Royal Bank Of Canada from C$20.00 to C$23.00 in a research report sent to investors on Thursday morning,BayStreet.CA reports. They currently have a sector perform rating on the stock.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group upped their target price on shares of Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Roth Mkm set a C$24.00 price target on Parex Resources and gave the company a “buy” rating in a research note on Friday, December 12th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of C$21.50.

Parex Resources Stock Performance

Shares of PXT opened at C$23.15 on Thursday. The firm has a market cap of C$2.22 billion, a P/E ratio of 19.62, a PEG ratio of 0.21 and a beta of 0.63. Parex Resources has a twelve month low of C$10.30 and a twelve month high of C$23.44. 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 price is C$20.17 and its two-hundred day moving average price is C$18.83.

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

Parex Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors 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 6.7%. Parex Resources’s dividend payout ratio (DPR) is 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.