Parex Resources (TSE:PXT) Shares Break Below Two Hundred Day Moving Average – Should You Sell?

Parex Resources Inc. (TSE:PXT) shares passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$25.31 and traded as low as C$23.82. Parex Resources shares last traded at C$23.92, with a volume of 1,088,702 shares.

Wall Street Analyst Weigh In

Several equities analysts have commented on PXT shares. ATB Cormark Capital Markets set a C$35.00 price target on shares of Parex Resources and gave the stock an “outperform” rating in a research note on Monday, October 26th. Scotiabank lifted their price objective on Parex Resources from C$29.00 to C$30.00 and gave the company a “sector perform” rating in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Parex Resources currently has an average rating of “Moderate Buy” and an average target price of C$28.30.

Parex Resources Stock Down 7.5%

The firm has a market cap of C$2.30 billion, a price-to-earnings ratio of 4.02, a PEG ratio of 0.21 and a beta of 0.25. The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66. The firm has a fifty day moving average price of C$27.98 and a 200-day moving average price of C$25.31.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 15th were issued a $0.3850 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date was Tuesday, September 8th. Parex Resources’s dividend payout ratio is currently 18.57%.

Insider Buying and Selling at Parex Resources

In related news, insider Eric Furlan sold 8,000 shares of the company’s stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of C$29.20, for a total value of C$233,600.00. Following the sale, the insider directly owned 111,301 shares of the company’s stock, valued at C$3,249,989.20. This represents a 6.71% decrease in their ownership of the stock. Also, insider Cam Grainger acquired 2,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was purchased at an average cost of C$27.40 per share, with a total value of C$54,800.00. Following the completion of the acquisition, the insider owned 43,584 shares of the company’s stock, valued at C$1,194,201.60. The trade was a 4.81% increase in their ownership of the stock. 1.64% of the stock is owned by insiders.

Parex Resources Company Profile

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.