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

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on PXT shares. Royal Bank Of Canada reduced their price objective on shares of 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. Jefferies Financial Group increased their target price on shares of Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Roth Mkm set a C$24.00 price target on shares of Parex Resources and gave the company a “buy” rating in a research report on Friday, December 12th. Finally, Scotiabank upped their price target on Parex Resources from C$17.00 to C$20.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. 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, Parex Resources has a consensus rating of “Moderate Buy” and an average price target of C$20.90.

Parex Resources Stock Up 1.6%

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

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

Parex Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 15th were given a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 7.9%. The ex-dividend date was Monday, December 8th. Parex Resources’s dividend payout ratio is currently 92.82%.

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.