Parex Resources (TSE:PXT) Given New C$21.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has increased its price target for Parex Resources from C$20.00 to C$21.00, suggesting a potential upside of 13.70% from the stock's previous close.
• Other research firms, such as Scotiabank and BMO Capital Markets, have also revised their price targets for Parex Resources, with BMO upgrading the stock to an "outperform" rating.
• Parex Resources currently has an average stock rating of "Hold" and a consensus target price of C$19.33, with shares trading at C$18.47 as of the latest update.

Parex Resources (TSE:PXT - Get Free Report) had its target price increased by equities research analysts at Royal Bank Of Canada from C$20.00 to C$21.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target would indicate a potential upside of 13.70% from the stock's previous close.

PXT has been the topic of a number of other research reports. Scotiabank upped their price target on Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. BMO Capital Markets raised Parex Resources from a "hold" rating to an "outperform" rating and upped their price target for the company from C$16.00 to C$20.00 in a research report on Monday, September 15th. One investment analyst has 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 presently has an average rating of "Hold" and a consensus target price of C$19.33.

Parex Resources Stock Performance

Shares of TSE PXT traded up C$0.01 during trading on Tuesday, reaching C$18.47. 191,051 shares of the stock traded hands, compared to its average volume of 647,500. Parex Resources has a 52-week low of C$10.30 and a 52-week high of C$19.81. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45. The company has a 50-day moving average of C$17.27 and a 200-day moving average of C$14.64. The stock has a market capitalization of C$1.81 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 0.21 and a beta of 0.50.

Parex Resources Company Profile

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.

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