Parex Resources (TSE:PXT) Sets New 12-Month High - Time to Buy?

Key Points

• Parex Resources Inc. reached a new 52-week high of C$17.50 in trading, with a last traded price of C$17.47 and a volume of 194,413 shares.
• Analysts from Scotiabank and Royal Bank of Canada have raised their price targets for Parex Resources, with the average target at C$17.00 and a rating of "Hold."
• The company declared a quarterly dividend of $0.385 per share, translating to an annual yield of 8.7%, with a payout ratio of 84.24%.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as C$17.50 and last traded at C$17.47, with a volume of 194413 shares changing hands. The stock had previously closed at C$17.30.

Analysts Set New Price Targets

A number of equities research analysts have commented on PXT shares. Scotiabank increased their price objective on shares of 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. Royal Bank Of Canada raised their price objective on shares of Parex Resources from C$16.00 to C$18.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, Parex Resources has an average rating of "Hold" and an average target price of C$17.00.

Parex Resources Trading Up 2.1%

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 market cap of C$1.74 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.21 and a beta of 0.53. The business's 50-day simple moving average is C$15.42 and its 200-day simple moving average is C$13.86.

Parex Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date of this dividend is Monday, September 8th. Parex Resources's payout ratio is 84.24%.

Insiders Place Their Bets

In other Parex Resources news, Director Sigmund Cornelius purchased 5,000 shares of Parex Resources stock in a transaction on Friday, June 20th. The shares were purchased at an average cost of C$15.15 per share, with a total value of C$75,726.75. 1.64% of the stock is currently owned by company insiders.

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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