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

Key Points

• Scotiabank has increased Parex Resources' target price from C$17.00 to C$20.00, indicating a potential upside of 6.89%.
• BMO Capital Markets and Royal Bank of Canada have also raised their ratings and target prices for Parex Resources, with the consensus target now at C$20.33.
• Parex Resources' market capitalization stands at C$1.84 billion, with a current trading price of C$18.71 as of Thursday.

Parex Resources (TSE:PXT - Get Free Report) had its target price upped by equities researchers at Scotiabank from C$17.00 to C$20.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. Scotiabank's target price indicates a potential upside of 6.89% from the company's current price.

Several other equities analysts have also recently weighed in on PXT. BMO Capital Markets raised Parex Resources from a "hold" rating to an "outperform" rating and lifted their target price for the company from C$16.00 to C$20.00 in a research note on Monday, September 15th. Royal Bank Of Canada lifted their target price on Parex Resources from C$20.00 to C$21.00 and gave the company a "sector perform" rating in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of C$20.33.

Parex Resources Trading Up 0.3%

TSE PXT traded up C$0.05 on Thursday, hitting C$18.71. 383,384 shares of the company were exchanged, compared to its average volume of 647,625. The company's 50 day moving average price is C$17.39 and its 200-day moving average price is C$14.70. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45. The firm has a market capitalization of C$1.84 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 0.21 and a beta of 0.50. Parex Resources has a twelve month low of C$10.30 and a twelve month high of C$19.81.

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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