Parex Resources (TSE:PXT) Director Glenn Mcnamara Buys 7,500 Shares of Stock

Key Points

• Director Glenn Mcnamara bought 7,500 Parex shares at an average C$20.26 each, spending C$151,950 and increasing his stake by 33.34% to 29,998 shares. Other insiders also reported share purchases on November 9.
• Parex shares were unchanged at C$19.81 in Monday trading, while a separate report noted the stock had fallen 16.8%. The company’s share price was below its 50- and 200-day moving averages.
• Parex’s quarterly dividend annualizes to C$1.54 per share, a reported 7.8% yield. Analysts’ average rating was “Moderate Buy,” with an average target price of C$28.30.

Parex Resources Inc. (TSE:PXT - Get Free Report) Director Glenn Mcnamara acquired 7,500 shares of the business's stock in a transaction that occurred on Monday, November 9th. The shares were acquired at an average cost of C$20.26 per share, for a total transaction of C$151,950.00. Following the completion of the acquisition, the director owned 29,998 shares of the company's stock, valued at C$607,759.48. This trade represents a 33.34% increase in their ownership of the stock.

Parex Resources Stock Performance

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

Parex Resources Announces Dividend

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

Key Parex Resources News

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?

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PXT shares. Scotiabank raised their price objective on Parex Resources from C$29.00 to C$30.00 and gave the company a "sector perform" rating in a research report on Thursday, August 13th. ATB Cormark Capital Markets set a C$35.00 target price on shares of Parex Resources and gave the company an "outperform" rating in a research report on Monday, October 26th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of C$28.30.

About Parex Resources

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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