Royal Bank Of Canada Cuts Parex Resources (TSE:PXT) Price Target to C$20.00

Parex Resources (TSE:PXT) had its price objective decreased by Royal Bank Of Canada from C$21.00 to C$20.00 in a report issued on Tuesday,BayStreet.CA reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. BMO Capital Markets upgraded Parex Resources from a “hold” rating to an “outperform” rating and lifted their target price for the stock from C$16.00 to C$20.00 in a report on Monday, September 15th. Roth Capital set a C$24.00 price target on Parex Resources and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Scotiabank raised their price target on Parex Resources from C$17.00 to C$20.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 9th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$20.90.

Parex Resources Trading Down 0.5%

TSE:PXT opened at C$19.17 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 1.45 and a debt-to-equity ratio of 1.81. Parex Resources has a 1-year low of C$10.30 and a 1-year high of C$19.81. The firm has a market capitalization of C$1.87 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 0.21 and a beta of 0.76. The business’s 50-day moving average price is C$18.32 and its two-hundred day moving average price is C$17.38.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Tuesday, November 4th. The company reported C$0.52 EPS for the quarter. Parex Resources had a return on equity of 13.52% and a net margin of 19.08%.The company had revenue of C$311.63 million during the quarter.

Parex Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were issued a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date was Monday, December 8th. Parex Resources’s dividend payout ratio is 92.82%.

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.