Insider Buying: Parex Resources (TSE:PXT) Director Acquires C$99,200.00 in Stock

Key Points

• Director Sigmund Cornelius bought 5,000 Parex shares for C$99,200 at C$19.84 each, increasing his holdings by 9.45% to 57,916 shares. Other insiders also reported purchases on November 9.
• Parex shares were flat at C$19.81 in Monday trading, while the article notes a separate report of a recent 16.8% decline. The company’s quarterly dividend is C$0.385 per share, equivalent to a 7.8% annualized yield.
• Analysts’ consensus rating is Moderate Buy, with a C$28.30 average price target; two analysts rate the stock Buy and two rate it Hold.

Parex Resources Inc. (TSE:PXT - Get Free Report) Director Sigmund Cornelius acquired 5,000 shares of Parex Resources stock in a transaction on Monday, November 9th. The shares were bought at an average cost of C$19.84 per share, for a total transaction of C$99,200.00. Following the completion of the transaction, the director owned 57,916 shares in the company, valued at approximately C$1,149,053.44. This trade represents a 9.45% increase in their position.

Parex Resources Stock Performance

TSE PXT remained flat at C$19.81 during trading on Monday. 2,295,767 shares of the company's stock traded hands, compared to its average volume of 886,219. The company has a current ratio of 0.88, a quick ratio of 1.45 and a debt-to-equity ratio of 34.66. Parex Resources Inc. has a 1-year low of C$17.12 and a 1-year high of C$30.44. The firm has a market capitalization of C$1.91 billion, a P/E ratio of 3.33, a price-to-earnings-growth ratio of 0.21 and a beta of 0.25. The stock has a 50 day simple moving average of C$27.59 and a two-hundred day simple moving average of C$25.33.

Parex Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th were given a dividend of $0.3850 per share. The ex-dividend date was Tuesday, September 8th. This represents a $1.54 annualized dividend and a dividend yield of 7.8%. Parex Resources's payout ratio is currently 18.57%.

Analysts Set New Price Targets

Several analysts have commented on PXT shares. ATB Cormark Capital Markets set a C$35.00 price objective on shares of Parex Resources and gave the stock an "outperform" rating in a report on Monday, October 26th. Scotiabank upped their target price on Parex Resources from C$29.00 to C$30.00 and gave the stock 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 given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of C$28.30.

Key Stories Impacting Parex Resources

Here are the key news stories impacting Parex Resources this week:

• Positive Sentiment: Two directors and insider Imad Mohsen reported buying Parex shares on November 9. The largest disclosed purchases were 24,870 shares by Mohsen for about C$499,141 and a combined 12,500 shares by the two directors for about C$251,150. Insider buying can be a positive confidence signal. Insider transactions
• Negative Sentiment: A report said Parex shares had fallen 16.8%, indicating significant recent selling pressure. The headline does not provide a reason for the decline or further details on what investors may expect next. Parex Resources Stock Price Down 16.8% - What's Next?

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.

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