Parex Resources (TSE:PXT) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Parex Resources Inc. (TSE:PXT)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$23.58 and traded as high as C$23.68. Parex Resources shares last traded at C$23.50, with a volume of 602,595 shares.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PXT shares. Royal Bank Of Canada raised their price target on shares of Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Scotiabank boosted their target price on Parex Resources from C$20.00 to C$29.00 and gave the stock a “sector perform” rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$25.10.

Parex Resources Trading Down 0.4%

The company has a 50 day moving average price of C$24.80 and a 200 day moving average price of C$23.62. The firm has a market cap of C$2.23 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 0.21 and a beta of 0.19. 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 (TSE:PXT) last issued its quarterly earnings data on Tuesday, May 12th. The company reported C$0.07 earnings per share (EPS) for the quarter. The firm had revenue of C$284.35 million during the quarter. Parex Resources had a return on equity of 9.34% and a net margin of 19.59%.

Insider Activity at Parex Resources

In other news, insider Imad Mohsen purchased 24,250 shares of the firm’s stock in a transaction on Tuesday, July 7th. The shares were bought at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the completion of the purchase, the insider directly owned 165,410 shares of the company’s stock, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their ownership of the stock. Corporate insiders own 1.64% of the company’s stock.

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.