Parex Resources (TSE:PXT) Price Target Raised to C$29.00

Parex Resources (TSE:PXT) had its price objective upped by investment analysts at Scotiabank from C$20.00 to C$29.00 in a research note issued to investors on Monday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 16.70% from the company’s current price.

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 note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$25.10.

Parex Resources Trading Down 5.0%

PXT traded down C$1.30 during mid-day trading on Monday, hitting C$24.85. The stock had a trading volume of 363,110 shares, compared to its average volume of 908,302. The stock’s fifty day simple moving average is C$26.47 and its 200-day simple moving average is C$23.09. 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 firm has a market capitalization of C$2.39 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 0.21 and a beta of 0.18. Parex Resources has a 1-year low of C$13.79 and a 1-year high of C$30.20.

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

Insider Buying and Selling at Parex Resources

In other Parex Resources news, insider Imad Mohsen acquired 14,600 shares of the stock in a transaction dated Thursday, May 14th. The shares were bought at an average cost of C$27.37 per share, for a total transaction of C$399,602.00. Following the completion of the acquisition, the insider directly owned 139,501 shares of the company’s stock, valued at approximately C$3,818,142.37. This trade represents a 11.69% increase in their ownership of the stock. 1.64% of the stock is owned by corporate insiders.

About Parex Resources

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.