Parex Resources (TSE:PXT) Reaches New 1-Year High – Still a Buy?

Parex Resources Inc. (TSE:PXT) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$28.26 and last traded at C$28.23, with a volume of 493474 shares traded. The stock had previously closed at C$27.08.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PXT shares. Royal Bank Of Canada boosted their price objective on shares of Parex Resources from C$23.00 to C$28.00 and gave the company a “sector perform” rating in a research report on Friday, March 13th. Jefferies Financial Group raised their target price on shares of Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Finally, Roth Mkm set a C$24.00 price target on shares of Parex Resources and gave the stock a “buy” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$22.50.

Parex Resources Trading Down 1.3%

The stock has a fifty day moving average of C$22.56 and a 200-day moving average of C$19.84. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11. The company has a market cap of C$2.57 billion, a PE ratio of 10.21, a PEG ratio of 0.21 and a beta of 0.63.

Parex Resources (TSE:PXT) last released its earnings results on Wednesday, March 4th. The company reported C$0.43 earnings per share for the quarter. The business had revenue of C$223.53 million for the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 25th were paid a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Wednesday, March 18th. Parex Resources’s dividend payout ratio is currently 42.29%.

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.