Parex Resources (TSE:PXT) Hits New 52-Week High - Time to Buy?

Key Points

• 52-week high: Parex Resources hit a new 52-week high of C$28.82 (last C$28.53) with shares up about 4.7% on the session and volume of 349,244, giving a market cap around C$2.75 billion.
• Analyst outlook: Royal Bank of Canada raised its target to C$32 and gave a "sector perform," while overall ratings split two Buys and two Holds produce a consensus "Moderate Buy" with an average target of C$23.30.
• Fundamentals & dividend: Parex reported C$0.43 EPS on C$223.5M revenue last quarter, trades at a P/E of 10.94 (PEG 0.21), and pays a quarterly dividend that annualizes to C$1.54 for a ~5.4% yield (payout ratio ~42%).

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as C$28.82 and last traded at C$28.53, with a volume of 349244 shares changing hands. The stock had previously closed at C$27.38.

Analyst Ratings Changes

Separately, Royal Bank Of Canada lifted their target price on Parex Resources from C$28.00 to C$32.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$23.30.

Parex Resources Trading Up 4.7%

The firm has a market cap of C$2.75 billion, a P/E ratio of 10.94, a PEG ratio of 0.21 and a beta of 0.02. The company has a 50 day moving average of C$25.14 and a 200 day moving average of C$21.01. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11.

Parex Resources (TSE:PXT - Get Free Report) last announced its quarterly earnings results on Wednesday, March 4th. The company reported C$0.43 EPS for the quarter. The business had revenue of C$223.53 million during the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

Parex Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were paid a $0.385 dividend. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.54 annualized dividend and a dividend yield of 5.4%. Parex Resources's payout ratio is presently 42.29%.

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.

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.