Parex Resources (OTCMKTS:PARXF) Trading Down 1.2% – What’s Next?

Parex Resources Inc. (OTCMKTS:PARXF)’s stock price was down 1.2% during mid-day trading on Friday . The company traded as low as $13.0750 and last traded at $13.0750. Approximately 2,655 shares changed hands during trading, a decline of 95% from the average daily volume of 52,617 shares. The stock had previously closed at $13.23.

Analysts Set New Price Targets

PARXF has been the topic of a number of research reports. BMO Capital Markets upgraded shares of Parex Resources to an “outperform” rating in a research report on Monday, September 15th. Scotiabank reissued a “sector perform” rating on shares of Parex Resources in a research report on Thursday, October 9th. Roth Capital initiated coverage on shares of Parex Resources in a report on Friday, December 12th. They issued a “buy” rating for the company. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Parex Resources in a research note on Monday, September 29th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Parex Resources Price Performance

The firm’s 50 day simple moving average is $13.11 and its 200-day simple moving average is $12.29.

Parex Resources Company Profile

Parex Resources Inc is a Canada-based exploration and production company primarily engaged in the acquisition, development and production of oil resources. The company holds a portfolio of prolific onshore blocks in Colombia, targeting both light and medium crude oil. Parex employs a strategic exploration approach, integrating seismic studies and advanced drilling techniques to optimize reservoir development and enhance recovery rates.

Headquartered in Calgary, Alberta, Parex has focused its operations on Colombia’s Llanos Basin and the Caguan and Putumayo basins.