Parex Resources (TSE:PXT) Share Price Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• Parex Resources Inc. (TSE:PXT) shares have recently surpassed their 200-day moving average of C$14.64, trading as high as C$18.56.
• Equities analysts have raised their price targets for Parex Resources, with Royal Bank of Canada increasing its target from C$18.00 to C$20.00, and BMO Capital Markets upgrading the stock from "hold" to "outperform."
• The company has declared a quarterly dividend of $0.385, representing an annualized dividend yield of 8.3%, with a payout ratio of 84.24%.

Shares of Parex Resources Inc. (TSE:PXT - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$14.64 and traded as high as C$18.56. Parex Resources shares last traded at C$18.46, with a volume of 341,522 shares traded.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Scotiabank raised their target price on shares of Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a research note on Thursday, July 31st. Royal Bank Of Canada raised their price objective on Parex Resources from C$18.00 to C$20.00 and gave the company a "sector perform" rating in a research report on Monday, September 29th. Finally, BMO Capital Markets upgraded Parex Resources from a "hold" rating to an "outperform" rating and boosted their target price for the stock 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 stock. According to MarketBeat, Parex Resources has a consensus rating of "Hold" and a consensus price target of C$19.00.

Parex Resources Stock Up 1.9%

The firm has a market cap of C$1.81 billion, a P/E ratio of 14.09, a price-to-earnings-growth ratio of 0.21 and a beta of 0.50. The company's 50-day simple moving average is C$17.27 and its 200 day simple moving average is C$14.64. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45.

Parex Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 15th were issued a $0.385 dividend. 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 8.3%. Parex Resources's dividend payout ratio (DPR) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.