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

Key Points

• Parex Resources Inc. shares passed above the 200-day moving average, reaching a trading high of C$18.19 with a significant volume of 1,735,793 shares.
• Wall Street analysts have raised their price targets for Parex Resources, with BMO Capital Markets setting the highest target at C$20.00, while the average price target stands at C$18.33.
• The company declared a quarterly dividend of $0.385 per share, resulting in an annualized yield of 8.5% for shareholders.

Shares of Parex Resources Inc. (TSE:PXT - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$14.04 and traded as high as C$18.19. Parex Resources shares last traded at C$18.19, with a volume of 1,735,793 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PXT. Royal Bank Of Canada boosted their price target on shares of Parex Resources from C$16.00 to C$18.00 and gave the stock a "sector perform" rating in a report on Thursday, July 31st. BMO Capital Markets raised shares of Parex Resources from a "hold" rating to an "outperform" rating and lifted their target price for the stock from C$16.00 to C$20.00 in a research report on Monday, September 15th. Finally, Scotiabank increased their price target on Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of C$18.33.

Parex Resources Trading Up 0.3%

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 stock has a market cap of C$1.84 billion, a PE ratio of 14.27, a P/E/G ratio of 0.21 and a beta of 0.47. The firm has a 50-day simple moving average of C$16.39 and a 200-day simple moving average of C$14.19.

Parex Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 15th were paid a $0.385 dividend. The ex-dividend date was Monday, September 8th. This represents a $1.54 annualized dividend and a yield of 8.2%. Parex Resources's dividend payout ratio is currently 84.24%.

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.