Royal Bank Of Canada Issues Positive Forecast for Parex Resources (TSE:PXT) Stock Price

Parex Resources (TSE:PXT) had its price target upped by Royal Bank Of Canada from C$28.00 to C$32.00 in a research note issued to investors on Wednesday morning,BayStreet.CA reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group lifted their target price on 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 objective on Parex Resources and gave the stock a “buy” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Parex Resources has a consensus rating of “Moderate Buy” and a consensus price target of C$23.30.

Parex Resources Stock Down 9.8%

TSE PXT opened at C$24.79 on Wednesday. The stock has a fifty day moving average of C$23.53 and a 200-day moving average of C$20.25. The stock has a market capitalization of C$2.38 billion, a P/E ratio of 9.46, a price-to-earnings-growth ratio of 0.21 and a beta of 0.02. Parex Resources has a 52 week low of C$10.30 and a 52 week high of C$28.42. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11.

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

Parex Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were paid a dividend of $0.385 per share. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 6.2%. Parex Resources’s payout ratio is 42.29%.

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.