Parex Resources Inc. to Post FY2017 Earnings of $1.13 Per Share, Cormark Forecasts (PXT)

Parex Resources Inc. (TSE:PXT) – Research analysts at Cormark boosted their FY2017 earnings estimates for Parex Resources in a research note issued to investors on Thursday. Cormark analyst G. Ursu now forecasts that the company will earn $1.13 per share for the year, up from their previous forecast of $0.98. Cormark also issued estimates for Parex Resources’ Q4 2017 earnings at $0.34 EPS, Q1 2018 earnings at $0.35 EPS, Q2 2018 earnings at $0.36 EPS, Q3 2018 earnings at $0.39 EPS, Q4 2018 earnings at $0.40 EPS, FY2018 earnings at $1.50 EPS and FY2019 earnings at $1.94 EPS.

A number of other equities analysts also recently weighed in on the stock. Scotiabank set a C$27.00 target price on shares of Parex Resources and gave the stock a “focus stock” rating in a research note on Thursday. Eight Capital boosted their target price on shares of Parex Resources from C$23.00 to C$30.00 in a research note on Monday, December 11th. Finally, Royal Bank of Canada boosted their target price on shares of Parex Resources from C$20.00 to C$24.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of C$23.56.

Parex Resources (TSE:PXT) opened at C$19.21 on Friday. The company has a market cap of $2,970.00, a PE ratio of 46.85 and a beta of 0.63. Parex Resources has a 12-month low of C$12.19 and a 12-month high of C$19.34.

In related news, Director Paul David Wright sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of C$18.03, for a total transaction of C$180,300.00. Also, Director Ronald Douglas Miller purchased 3,100 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were acquired at an average cost of C$17.00 per share, with a total value of C$52,700.00. Over the last ninety days, insiders sold 18,842 shares of company stock valued at $338,802.

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Parex Resources Company Profile

Parex Resources, Inc is a Canada-based oil and gas company. The Company is engaged in crude oil exploration, development and production in Colombia. The Company’s segments include Canada and Colombia. The Company, through its foreign subsidiaries, holds interests in onshore exploration and production blocks totaling approximately 1,870,120 gross acres.

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