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

Key Points

• Parex Resources shares moved above their 200-day moving average on Tuesday, trading as high as C$23.68 before last changing hands at C$23.50.
• Analysts have become more optimistic on the stock, with RBC and Scotiabank both raising price targets; MarketBeat now shows a Moderate Buy consensus and an average target of C$25.10.
• The company recently reported C$0.07 EPS on revenue of C$284.35 million, and insider Imad Mohsen bought 24,250 shares, boosting his position by 17.18%.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$23.58 and traded as high as C$23.68. Parex Resources shares last traded at C$23.50, with a volume of 602,595 shares changing hands.

Analyst Ratings Changes

A number of analysts recently issued reports on PXT shares. Royal Bank Of Canada raised their target price on shares of Parex Resources from C$28.00 to C$32.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 8th. Scotiabank boosted their price target on Parex Resources from C$20.00 to C$29.00 and gave the company a "sector perform" rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of C$25.10.

Parex Resources Trading Up 1.4%

The company has a current ratio of 1.49, a quick ratio of 1.45 and a debt-to-equity ratio of 9.51. The stock has a market capitalization of C$2.26 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.21 and a beta of 0.19. The business has a 50 day simple moving average of C$24.90 and a 200-day simple moving average of C$23.58.

Parex Resources (TSE:PXT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported C$0.07 EPS for the quarter. The company had revenue of C$284.35 million during the quarter. Parex Resources had a net margin of 19.59% and a return on equity of 9.34%.

Insiders Place Their Bets

In related news, insider Imad Mohsen purchased 24,250 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were bought at an average price of C$20.61 per share, with a total value of C$499,792.50. Following the completion of the purchase, the insider directly owned 165,410 shares in the company, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their position. 1.64% of the stock is currently owned by corporate 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. 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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