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

Key Points

• Parex Resources Inc.'s stock price has surpassed its 200-day moving average of C$15.02, reaching a high of C$17.87 during recent trading sessions.
• Analysts have revised their price targets for Parex Resources, with Royal Bank Of Canada increasing its target from C$20.00 to C$21.00, while BMO Capital Markets raised theirs from C$16.00 to C$20.00.
• The company announced a quarterly dividend of $0.385 per share, resulting in an annualized yield of 8.6% and a dividend payout ratio of 84.24%.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$15.02 and traded as high as C$17.87. Parex Resources shares last traded at C$17.82, with a volume of 381,576 shares.

Analysts Set New Price Targets

Several brokerages recently issued reports on PXT. Royal Bank Of Canada increased their price objective on Parex Resources from C$20.00 to C$21.00 and gave the stock a "sector perform" rating in a research note on Tuesday, October 7th. BMO Capital Markets raised Parex Resources from a "hold" rating to an "outperform" rating and upped their target price for the stock from C$16.00 to C$20.00 in a research report on Monday, September 15th. Finally, Scotiabank upped their target price on Parex Resources from C$17.00 to C$20.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 9th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of C$20.33.

Parex Resources Stock Performance

The company has a current ratio of 1.18, a quick ratio of 1.45 and a debt-to-equity ratio of 1.81. The firm has a market cap of C$1.75 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 0.21 and a beta of 0.50. The stock has a fifty day moving average price of C$17.75 and a 200 day moving average price of C$15.02.

Parex Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 15th were issued a dividend of $0.385 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 8.6%. 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.

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