Parex Resources Inc. (TSE:PXT) Announces Quarterly Dividend of $0.39

Parex Resources Inc. (TSE:PXT) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Monday, June 10th will be paid a dividend of 0.385 per share on Monday, June 17th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 6.38%. The ex-dividend date of this dividend is Monday, June 10th. This is a positive change from Parex Resources’s previous quarterly dividend of $0.38.

Parex Resources Trading Down 1.8 %

Shares of PXT stock traded down C$0.45 during mid-day trading on Friday, reaching C$24.15. 24,262 shares of the stock traded hands, compared to its average volume of 532,068. The stock’s fifty day simple moving average is C$22.51 and its two-hundred day simple moving average is C$23.81. Parex Resources has a 1-year low of C$20.17 and a 1-year high of C$30.06. The company has a quick ratio of 1.45, a current ratio of 1.31 and a debt-to-equity ratio of 4.93. The company has a market cap of C$2.49 billion, a price-to-earnings ratio of 4.16, a price-to-earnings-growth ratio of 0.21 and a beta of 1.59.

Parex Resources (TSE:PXT) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$1.74 earnings per share for the quarter, beating the consensus estimate of C$1.42 by C$0.32. Parex Resources had a return on equity of 25.03% and a net margin of 39.26%. The company had revenue of C$508.73 million during the quarter. On average, research analysts anticipate that Parex Resources will post 5.8679707 EPS for the current fiscal year.

Insider Buying and Selling

In other Parex Resources news, Senior Officer Imad Mohsen purchased 9,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was bought at an average cost of C$21.10 per share, with a total value of C$200,450.00. 1.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PXT has been the topic of several research analyst reports. Royal Bank of Canada cut their target price on Parex Resources from C$32.00 to C$28.00 and set an “outperform” rating on the stock in a research report on Friday, March 1st. Stifel Nicolaus reduced their price objective on Parex Resources from C$32.75 to C$31.00 and set a “buy” rating for the company in a research note on Monday, March 4th. TD Securities cut their target price on Parex Resources from C$28.70 to C$27.20 in a report on Tuesday, January 16th. Finally, Scotiabank decreased their price target on shares of Parex Resources from C$28.00 to C$27.00 and set a “sector perform” rating for the company in a research note on Friday, March 1st.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.