Parex Resources (TSE:PXT) Shares Break Below Two Hundred Day Moving Average – What’s Next?

Parex Resources Inc. (TSE:PXT)’s share price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of C$25.31 and traded as low as C$23.82. Parex Resources shares last traded at C$23.92, with a volume of 1,088,702 shares.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. ATB Cormark Capital Markets set a C$35.00 price target on shares of Parex Resources and gave the stock an “outperform” rating in a research report on Monday, October 26th. Scotiabank increased their price objective on shares of Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 13th. Two investment 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” and a consensus target price of C$28.30.

Parex Resources Price Performance

The stock has a market cap of C$2.30 billion, a price-to-earnings ratio of 4.02, a price-to-earnings-growth ratio of 0.21 and a beta of 0.25. The stock’s 50 day moving average price is C$27.98 and its two-hundred day moving average price is C$25.31. The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66.

Parex Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 15th were paid a $0.3850 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date of this dividend was Tuesday, September 8th. Parex Resources’s dividend payout ratio (DPR) is 18.57%.

Insider Transactions at Parex Resources

In other Parex Resources news, insider Michael Kruchten sold 21,382 shares of the business’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of C$29.21, for a total transaction of C$624,568.22. Following the transaction, the insider owned 61,620 shares of the company’s stock, valued at approximately C$1,799,920.20. The trade was a 25.76% decrease in their ownership of the stock. Also, insider Cam Grainger bought 2,000 shares of the company’s stock in a transaction on Monday, August 24th. The stock was bought at an average price of C$27.40 per share, with a total value of C$54,800.00. Following the completion of the acquisition, the insider owned 43,584 shares in the company, valued at C$1,194,201.60. This represents a 4.81% increase in their ownership of the stock. Insiders own 1.64% of the company’s stock.

Parex Resources Company Profile

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.