Insider Buying: Parex Resources (TSE:PXT) Insider Purchases C$54,800.00 in Stock

Parex Resources Inc. (TSE:PXT) insider Cam Grainger acquired 2,000 shares of the stock in a transaction on Monday, August 24th. The shares were purchased at an average price of C$27.40 per share, for a total transaction of C$54,800.00. Following the transaction, the insider directly owned 43,584 shares in the company, valued at approximately C$1,194,201.60. This trade represents a 4.81% increase in their ownership of the stock.

Parex Resources Stock Down 0.2%

PXT opened at C$27.17 on Thursday. The stock has a fifty day moving average of C$24.04 and a 200-day moving average of C$24.85. The company has a market capitalization of C$2.61 billion, a P/E ratio of 4.57, a P/E/G ratio of 0.21 and a beta of 0.18. Parex Resources Inc. has a fifty-two week low of C$16.25 and a fifty-two week high of C$30.20. The company has a debt-to-equity ratio of 34.66, a quick ratio of 1.45 and a current ratio of 0.88.

Wall Street Analyst Weigh In

Separately, Scotiabank increased their target price on shares of Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$25.30.

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.