Parex Resources (TSE:PXT) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Analysts at Scotiabank have raised their target price for Parex Resources from C$16.00 to C$17.00, indicating a potential upside of 3.53% from its current price.
• Parex Resources recently traded at C$16.42, with an average trading volume of 510,456 shares and a market capitalization of C$1.15 billion.
• Insider activity shows that Director Sigmund Cornelius purchased 5,000 shares at C$15.15 each, worth a total of approximately C$75,726.75.

Parex Resources (TSE:PXT - Get Free Report) had its target price hoisted by analysts at Scotiabank from C$16.00 to C$17.00 in a report released on Thursday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's target price would indicate a potential upside of 3.53% from the company's current price.

Parex Resources Price Performance

TSE PXT traded up C$0.31 on Thursday, reaching C$16.42. 510,456 shares of the company's stock traded hands, compared to its average volume of 638,894. The stock has a market cap of C$1.15 billion, a PE ratio of 4.49, a P/E/G ratio of 0.21 and a beta of 1.43. Parex Resources has a 12 month low of C$10.30 and a 12 month high of C$21.00. The stock has a 50-day simple moving average of C$14.38 and a 200 day simple moving average of C$13.50. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45.

Insider Activity

In other news, Director Sigmund Cornelius bought 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were bought at an average cost of C$15.15 per share, with a total value of C$75,726.75. Company insiders own 1.64% of the company's stock.

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.

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