Parex Resources (TSE:PXT) Shares Cross Above 200 Day Moving Average - Should You Sell?

Key Points

• Parex Resources Inc. shares surpassed their 200-day moving average, trading at a high of C$17.28 before closing at C$17.11.
• Research analysts have increased their price targets for Parex Resources, with Royal Bank of Canada raising it to C$18.00 and Scotiabank to C$17.00, while the average price target is C$18.40.
• The company recently announced a quarterly dividend of $0.385 per share, equating to an annualized yield of 9.0% and a payout ratio of 42.12%.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$13.82 and traded as high as C$17.28. Parex Resources shares last traded at C$17.11, with a volume of 548,535 shares changing hands.

Analysts Set New Price Targets

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

Parex Resources Stock Performance

The stock has a market cap of C$1.70 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 0.21 and a beta of 0.53. The stock's fifty day moving average is C$15.36 and its 200-day moving average is C$13.84. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 15th will be paid a $0.385 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.54 dividend on an annualized basis and a yield of 8.9%. Parex Resources's payout ratio is presently 84.24%.

Insiders Place Their Bets

In related news, Director Sigmund Cornelius purchased 5,000 shares of the business's stock in a transaction on Friday, June 20th. The shares were purchased at an average price of C$15.15 per share, with a total value of C$75,726.75. Insiders own 1.64% of the company's stock.

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.