Parex Resources (TSE:PXT) Shares Cross Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Parex Resources' shares have crossed above their 200‑day moving average, trading as high as C$26.76 and last at C$26.09 versus the 200‑day MA of C$19.62 on volume of about 1.64 million shares.
• Analyst sentiment is a Moderate Buy with an average target of C$22.50 (two Buy and two Hold ratings), although recent targets range up to C$28 from RBC.
• The company pays a C$1.54 annualized dividend yielding 5.9% with a 42.3% payout ratio, and trades at a P/E of 9.96 with a market cap of C$2.5 billion.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$19.62 and traded as high as C$26.76. Parex Resources shares last traded at C$26.09, with a volume of 1,639,380 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PXT. Roth Mkm set a C$24.00 price objective on shares of Parex Resources and gave the stock a "buy" rating in a research report on Friday, December 12th. Royal Bank Of Canada boosted their target price on shares of Parex Resources from C$23.00 to C$28.00 and gave the company a "sector perform" rating in a report on Friday, March 13th. Finally, Jefferies Financial Group increased their price target on Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$22.50.

Parex Resources Stock Performance

The company has a quick ratio of 1.45, a current ratio of 1.11 and a debt-to-equity ratio of 2.16. The company has a 50 day simple moving average of C$22.12 and a 200-day simple moving average of C$19.62. The stock has a market capitalization of C$2.50 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 0.21 and a beta of 0.63.

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

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were paid a dividend of $0.385 per share. The ex-dividend date of this dividend was Wednesday, March 18th. This represents a $1.54 annualized dividend and a yield of 5.9%. 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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