Parex Resources (TSE:PXT) Price Target Raised to C$30.00

Parex Resources (TSE:PXT) had its target price upped by stock analysts at Scotiabank from C$29.00 to C$30.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Scotiabank’s target price indicates a potential upside of 15.52% from the company’s previous close.

Parex Resources Stock Performance

TSE:PXT traded down C$0.23 during trading hours on Thursday, reaching C$25.97. The company had a trading volume of 196,316 shares, compared to its average volume of 913,451. Parex Resources has a 1-year low of C$15.59 and a 1-year high of C$30.20. The firm has a market cap of C$2.50 billion, a PE ratio of 4.36, a price-to-earnings-growth ratio of 0.21 and a beta of 0.18. The business’s 50 day moving average price is C$23.72 and its 200-day moving average price is C$24.36. The company has a debt-to-equity ratio of 34.66, a current ratio of 0.88 and a quick ratio of 1.45.

Parex Resources (TSE:PXT) last posted its quarterly earnings data on Tuesday, May 12th. The company reported C$0.07 EPS for the quarter. The business had revenue of C$284.35 million during the quarter. Parex Resources had a return on equity of 27.68% and a net margin of 53.09%.

Insider Buying and Selling at Parex Resources

In related news, insider Imad Mohsen purchased 24,250 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was purchased at an average cost of C$20.61 per share, with a total value of C$499,792.50. Following the completion of the acquisition, the insider directly owned 165,410 shares in the company, valued at C$3,409,100.10. This trade represents a 17.18% increase in their ownership of the stock. 1.64% of the stock is currently owned by corporate insiders.

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.