Parex Resources (TSE:PXT) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Parex Resources Inc. shares have surpassed their 200-day moving average during trading, rising to C$15.40, demonstrating positive price momentum.
• Scotiabank increased its price target for Parex Resources from C$14.00 to C$16.00, with the stock currently holding a Hold rating from four analysts and an average target price of C$19.79.
• The company declared a quarterly dividend of $0.385 per share, reflecting an annualized yield of 10.01%, highlighting attractive returns for investors.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$13.49 and traded as high as C$15.40. Parex Resources shares last traded at C$15.38, with a volume of 408,670 shares.

Wall Street Analysts Forecast Growth

PXT has been the topic of several research analyst reports. Scotiabank boosted their price objective on shares of Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a report on Thursday. Royal Bank Of Canada lifted 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 report on Thursday. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of C$20.21.

Parex Resources Price Performance

The company's 50-day moving average price is C$14.52 and its 200-day moving average price is C$13.52. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81. The firm has a market cap of C$1.12 billion, a price-to-earnings ratio of 4.35, a PEG ratio of 0.21 and a beta of 1.43.

Parex Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 16th were paid a $0.385 dividend. The ex-dividend date was Monday, June 9th. This represents a $1.54 annualized dividend and a dividend yield of 9.7%. Parex Resources's payout ratio is 42.12%.

Insider Activity at Parex Resources

In related news, Director Sigmund Cornelius acquired 5,000 shares of the business's stock in a transaction dated Friday, June 20th. The shares were acquired at an average price of C$15.15 per share, with a total value of C$75,726.75. 1.64% of the stock is currently owned by company insiders.

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.