Parex Resources (TSE:PXT) Sets New 52-Week High - Should You Buy?

Key Points

• Parex Resources hit a new 52-week high, trading as high as C$29.96 and last at C$29.76 on volume of 283,424 shares (stock was noted as trading up about 5.4%).
• Royal Bank of Canada lifted its price target to C$32 and kept a "sector perform" rating; overall analysts are split (two Buys, two Holds) with a MarketBeat average rating of "Moderate Buy."
• Parex recently paid a quarterly dividend of C$0.385 (annualized C$1.54), representing a 5.2% yield and a payout ratio near 42%.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$29.96 and last traded at C$29.76, with a volume of 283424 shares. The stock had previously closed at C$28.30.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada increased their price target 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 investment 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.com, the stock currently has an average rating of "Moderate Buy" and an average target price of C$23.30.

Parex Resources Trading Up 5.4%

The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11. The business has a fifty day simple moving average of C$25.43 and a 200 day simple moving average of C$21.16. The stock has a market capitalization of C$2.86 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 0.21 and a beta of 0.18.

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

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 25th were issued a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Wednesday, March 18th. Parex Resources's dividend payout ratio is currently 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.

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