Insider Buying: Parex Resources (TSE:PXT) Insider Buys C$399,602.00 in Stock

Parex Resources Inc. (TSE:PXT) insider Imad Mohsen acquired 14,600 shares of the stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price of C$27.37 per share, for a total transaction of C$399,602.00. Following the completion of the transaction, the insider directly owned 139,501 shares of the company’s stock, valued at approximately C$3,818,142.37. This represents a 11.69% increase in their ownership of the stock.

Parex Resources Price Performance

Shares of Parex Resources stock opened at C$27.11 on Friday. The stock’s 50-day simple moving average is C$26.52 and its 200-day simple moving average is C$21.76. Parex Resources Inc. has a 52 week low of C$12.56 and a 52 week high of C$30.20. The company has a market capitalization of C$2.61 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 0.21 and a beta of 0.18. The company has a quick ratio of 1.45, a current ratio of 1.49 and a debt-to-equity ratio of 9.51.

Parex Resources (TSE:PXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported C$0.07 EPS for the quarter. Parex Resources had a return on equity of 9.34% and a net margin of 19.59%.The business had revenue of C$284.35 million for the quarter.

Parex Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 25th were issued a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Wednesday, March 18th. Parex Resources’s payout ratio is 60.30%.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada boosted their target price on shares of Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$23.30.

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.