Parex Resources (TSE:PXT) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Parex Resources Inc. (TSE:PXT)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$23.78 and traded as high as C$24.03. Parex Resources shares last traded at C$23.73, with a volume of 1,028,221 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Royal Bank Of Canada raised their target price on Parex Resources from C$28.00 to C$32.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Scotiabank upped their price target on Parex Resources from C$20.00 to C$29.00 and gave the stock a “sector perform” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$25.10.

Parex Resources Price Performance

The company has a debt-to-equity ratio of 9.51, a current ratio of 1.49 and a quick ratio of 1.45. The stock’s 50 day moving average price is C$24.27 and its two-hundred day moving average price is C$23.82. The firm has a market capitalization of C$2.27 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.21 and a beta of 0.19.

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

Insider Activity

In other Parex Resources news, insider Imad Mohsen acquired 24,250 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were acquired at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the completion of the purchase, the insider owned 165,410 shares of the company’s stock, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their position. Corporate insiders own 1.64% of the company’s stock.

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.