Parex Resources (TSE:PXT) Given New C$29.00 Price Target at Scotiabank

Parex Resources (TSE:PXT) had its price objective increased by equities research analysts at Scotiabank from C$20.00 to C$29.00 in a research note issued on Monday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 16.70% from the company’s previous close.

Separately, Royal Bank Of Canada upped their target price on Parex Resources from C$28.00 to C$32.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Parex Resources currently has an average rating of “Moderate Buy” and a consensus price target of C$25.10.

Parex Resources Stock Down 5.0%

Shares of TSE PXT traded down C$1.30 during mid-day trading on Monday, reaching C$24.85. The company had a trading volume of 363,110 shares, compared to its average volume of 908,302. The stock’s 50 day moving average is C$26.47 and its 200-day moving average is C$23.09. The company has a debt-to-equity ratio of 9.51, a quick ratio of 1.45 and a current ratio of 1.49. Parex Resources has a twelve month low of C$13.79 and a twelve month high of C$30.20. The stock has a market capitalization of C$2.39 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 0.21 and a beta of 0.18.

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

Insider Buying and Selling

In other Parex Resources news, insider Imad Mohsen purchased 14,600 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average cost of C$27.37 per share, with a total value of C$399,602.00. Following the completion of the acquisition, the insider directly owned 139,501 shares of the company’s stock, valued at C$3,818,142.37. This represents a 11.69% increase in their position. 1.64% of the stock is currently owned by company insiders.

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.