Parex Resources (TSE:PXT) Sets New 1-Year High - Still a Buy?

Key Points

• Parex Resources Inc. reached a new 52-week high trading at C$19.00, closing at C$18.96, with a trading volume of 168,467 shares.
• Analysts are optimistic, with BMO Capital Markets upgrading the stock to "outperform" and raising the price target to C$20.00, while the consensus rating remains "Hold" with an average target of C$18.33.
• The company announced a quarterly dividend of $0.385 per share, yielding approximately 8.1% annually, with a payout ratio of 84.24%.

Parex Resources Inc. (TSE:PXT - Get Free Report) reached a new 52-week high on Monday . The company traded as high as C$19.00 and last traded at C$18.96, with a volume of 168467 shares changing hands. The stock had previously closed at C$18.70.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PXT shares. BMO Capital Markets upgraded Parex Resources from a "hold" rating to an "outperform" rating and increased their price objective for the company from C$16.00 to C$20.00 in a report on Monday, September 15th. Scotiabank increased their price objective on Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Finally, Royal Bank Of Canada increased their price objective on Parex Resources from C$16.00 to C$18.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Parex Resources has a consensus rating of "Hold" and an average price target of C$18.33.

Parex Resources Stock Performance

The company has a market cap of C$1.86 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 0.21 and a beta of 0.47. The firm's fifty day moving average is C$16.39 and its 200 day moving average is C$14.21. The company has a current ratio of 1.18, a quick ratio of 1.45 and a debt-to-equity ratio of 1.81.

Parex Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 15th were issued a dividend of $0.385 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 8.1%. Parex Resources's dividend payout ratio is presently 84.24%.

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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