Parex Resources (TSE:PXT) PT Set at C$35.00 by ATB Cormark Capital Markets

Key Points

• ATB Cormark Capital Markets set a C$35.00 price target for Parex Resources and maintained an “outperform” rating, implying 18.16% upside from the previous close.
• Scotiabank raised its target to C$30.00 while retaining a “sector perform” rating. Analyst coverage currently implies a consensus “Moderate Buy” rating with an average target of C$28.30.
• Parex shares recently traded at C$29.62, near their 52-week high of C$30.44; insiders reported both a 2,000-share purchase and a larger 21,382-share sale.

Parex Resources (TSE:PXT - Get Free Report) has been given a C$35.00 target price by ATB Cormark Capital Markets in a note issued to investors on Monday, BayStreet reports. The firm currently has an "outperform" rating on the stock. ATB Cormark Capital Markets's price objective would suggest a potential upside of 18.16% from the company's previous close.

Separately, Scotiabank increased their price objective on shares of Parex Resources from C$29.00 to C$30.00 and gave the company a "sector perform" rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$28.30.

Parex Resources Price Performance

Shares of PXT stock traded down C$0.51 during trading hours on Monday, hitting C$29.62. 222,371 shares of the company's stock were exchanged, compared to its average volume of 876,381. 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 market cap of C$2.85 billion, a P/E ratio of 4.98, a P/E/G ratio of 0.21 and a beta of 0.17. The firm has a 50 day moving average of C$28.09 and a two-hundred day moving average of C$26.13. Parex Resources has a fifty-two week low of C$17.12 and a fifty-two week high of C$30.44.

Insider Activity

In other news, insider Cam Grainger purchased 2,000 shares of the stock in a transaction dated Monday, August 24th. The shares were 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 purchase, the insider directly owned 43,584 shares of the company's stock, valued at approximately C$1,194,201.60. The trade was a 4.81% increase in their position. Also, insider Michael Kruchten sold 21,382 shares of the business's stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of C$29.21, for a total value of C$624,568.22. Following the sale, the insider owned 61,620 shares of the company's stock, valued at C$1,799,920.20. The trade was a 25.76% decrease in their ownership of the stock. Company insiders own 1.64% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.