Parex Resources (TSE:PXT) Issues Quarterly Earnings Results

Parex Resources (TSE:PXT) issued its quarterly earnings results on Thursday. The company reported C$6.55 earnings per share (EPS) for the quarter, FiscalAI reports. Parex Resources had a net margin of 19.59% and a return on equity of 9.34%. The company had revenue of C$562.47 million during the quarter.

Parex Resources Stock Performance

Shares of TSE:PXT traded up C$0.13 during midday trading on Thursday, reaching C$23.42. 284,764 shares of the company’s stock traded hands, compared to its average volume of 913,680. 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 one year low of C$15.30 and a one year high of C$30.20. The company has a market cap of C$2.25 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 0.21 and a beta of 0.19. The stock has a 50 day moving average of C$23.92 and a 200 day moving average of C$24.01.

Insiders Place Their Bets

In other Parex Resources news, insider Imad Mohsen bought 24,250 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was acquired at an average price of C$20.61 per share, with a total value of C$499,792.50. Following the transaction, the insider owned 165,410 shares in the company, valued at C$3,409,100.10. This represents a 17.18% increase in their ownership of the stock. Company insiders own 1.64% of the company’s stock.

Analyst Ratings Changes

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

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.