Parex Resources (TSE:PXT) Upgraded by BMO Capital Markets to Outperform Rating

Key Points

• Parex Resources has been upgraded by BMO Capital Markets from "market perform" to "outperform," with a new price target of C$20.00, suggesting a potential upside of 10.80% from its previous close.
• The stock has traded up 6.2% recently, reaching C$18.05, and has a market cap of C$1.77 billion.
• Director Sigmund Cornelius bought 5,000 shares at C$15.15 each, indicating insider confidence in the company.

Parex Resources (TSE:PXT - Get Free Report) was upgraded by equities researchers at BMO Capital Markets from a "hold" rating to an "outperform" rating in a report issued on Monday, Marketbeat Ratings reports. The brokerage currently has a C$20.00 target price on the stock, up from their prior target price of C$16.00. BMO Capital Markets' target price points to a potential upside of 8.23% from the stock's current price.

PXT has been the subject of a number of other reports. Royal Bank Of Canada boosted 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 research note on Thursday, July 31st. Scotiabank upped their price objective 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 equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of C$18.33.

Parex Resources Stock Performance

Shares of PXT traded up C$0.29 during mid-day trading on Monday, hitting C$18.48. 70,601 shares of the company traded hands, compared to its average volume of 642,389. The stock has a market cap of C$1.82 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 0.21 and a beta of 0.47. The stock has a 50-day moving average price of C$16.04 and a two-hundred day moving average price of C$14.04. Parex Resources has a 1 year low of C$10.30 and a 1 year high of C$18.59. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18.

Insider Activity at Parex Resources

In related news, Director Sigmund Cornelius acquired 5,000 shares of the stock in a transaction dated Friday, June 20th. The shares were purchased at an average cost of C$15.15 per share, with a total value of C$75,726.75. 1.64% of the stock is 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.