Parex Resources (TSE:PXT) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Parex Resources Inc. (TSE:PXT) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$22.75 and traded as high as C$26.18. Parex Resources shares last traded at C$25.64, with a volume of 837,855 shares trading hands.

Analyst Ratings Changes

Separately, Royal Bank Of Canada increased their target price on Parex Resources from C$28.00 to C$32.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$23.30.

Parex Resources Stock Performance

The stock’s 50-day moving average is C$26.65 and its 200-day moving average is C$22.83. The company has a current ratio of 1.49, a quick ratio of 1.45 and a debt-to-equity ratio of 9.51. The stock has a market cap of C$2.54 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 0.21 and a beta of 0.18.

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

Parex Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were given a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend was Wednesday, March 18th. Parex Resources’s dividend payout ratio is 60.30%.

Insider Transactions at Parex Resources

In related news, insider Imad Mohsen acquired 14,600 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of C$27.37 per share, with a total value 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 C$3,818,142.37. This trade represents a 11.69% 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.