Parex Resources Inc. (OTCMKTS:PARXF) Short Interest Down 76.7% in June

Parex Resources Inc. (OTCMKTS:PARXF) was the recipient of a significant decrease in short interest in June. As of June 30th, there was short interest totaling 603,918 shares, a decrease of 76.7% from the June 15th total of 2,594,744 shares. Based on an average trading volume of 199,298 shares, the days-to-cover ratio is presently 3.0 days.

Analysts Set New Price Targets

Separately, Scotiabank restated a “sector perform” rating on shares of Parex Resources in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Parex Resources has an average rating of “Moderate Buy”.

Parex Resources Price Performance

Shares of OTCMKTS:PARXF opened at $16.36 on Tuesday. The business’s 50 day simple moving average is $17.93 and its 200-day simple moving average is $17.04. Parex Resources has a 12 month low of $10.20 and a 12 month high of $22.14.

Parex Resources Company Profile

Parex Resources Inc is a Canada-based exploration and production company primarily engaged in the acquisition, development and production of oil resources. The company holds a portfolio of prolific onshore blocks in Colombia, targeting both light and medium crude oil. Parex employs a strategic exploration approach, integrating seismic studies and advanced drilling techniques to optimize reservoir development and enhance recovery rates.

Headquartered in Calgary, Alberta, Parex has focused its operations on Colombia’s Llanos Basin and the Caguan and Putumayo basins.