Parex Resources (TSE:PXT) Hits New 1-Year High – Here’s What Happened

Shares of Parex Resources Inc. (TSE:PXT) reached a new 52-week high during trading on Thursday . The stock traded as high as C$19.85 and last traded at C$19.44, with a volume of 576360 shares changing hands. The stock had previously closed at C$19.14.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PXT shares. Jefferies Financial Group lifted their price objective on shares of Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Roth Mkm set a C$24.00 price target on Parex Resources and gave the company a “buy” rating in a research report on Friday, December 12th. Royal Bank Of Canada reduced their price objective on Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 13th. Finally, Scotiabank increased their price objective 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. Based on data from MarketBeat, Parex Resources has a consensus rating of “Moderate Buy” and a consensus target price of C$20.90.

Parex Resources Stock Up 1.6%

The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of C$1.90 billion, a PE ratio of 16.47, a PEG ratio of 0.21 and a beta of 0.76. The firm’s fifty day moving average is C$18.39 and its 200-day moving average is C$17.55.

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

Parex Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors 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 7.9%. The ex-dividend date of this dividend was Monday, December 8th. Parex Resources’s dividend payout ratio is currently 92.82%.

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.