Parex Resources (TSE:PXT) Raised to "Outperform" at BMO Capital Markets

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.

BMO Capital Markets upgraded shares of Parex Resources (TSE:PXT - Free Report) from a hold rating to an outperform rating in a research report released on Monday, Marketbeat reports. They currently have C$20.00 price target on the stock, up from their previous price target of C$16.00.

A number of other research analysts have also issued reports on the company. Scotiabank boosted their target price on Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. Royal Bank Of Canada boosted their target price on Parex Resources from C$16.00 to C$18.00 and gave the company a "sector perform" rating in a report on Thursday, July 31st. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of C$18.33.

Parex Resources Stock Performance

TSE PXT traded up C$0.06 on Monday, reaching C$18.70. The stock had a trading volume of 1,276,687 shares, compared to its average volume of 652,109. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. Parex Resources has a 12-month low of C$10.30 and a 12-month high of C$18.94. The business's 50-day moving average price is C$16.39 and its 200 day moving average price is C$14.19. The stock has a market cap of C$1.84 billion, a P/E ratio of 14.27, a price-to-earnings-growth ratio of 0.21 and a beta of 0.47.

Parex Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 15th were issued a dividend of $0.385 per share. This represents a $1.54 dividend on an annualized basis and a yield of 8.2%. The ex-dividend date of this dividend was Monday, September 8th. 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.