Parex Resources (TSE:PXT) Hits New 12-Month High - What's Next?

Key Points

• Parex Resources shares reached a new 52-week high, trading as high as C$30.27 and recently changing hands at C$30.23, up from a prior close of C$29.18.
• Analyst sentiment remains cautious: Scotiabank raised its price target to C$30 while maintaining a “sector perform” rating, and the broader consensus is “Hold” with a C$26.62 price target.
• The company announced a quarterly dividend of C$0.385, equivalent to C$1.54 annually and a 5.1% yield; recent insider activity included both a significant sale and a smaller purchase of shares.

Shares of Parex Resources Inc. (TSE:PXT - Get Free Report) hit a new 52-week high during mid-day trading on Friday. The stock traded as high as C$30.27 and last traded at C$30.23, with a volume of 184,748 shares changing hands. The stock had previously closed at C$29.18.

Wall Street Analyst Weigh In

Separately, Scotiabank upped their price target on shares of Parex Resources from C$29.00 to C$30.00 and gave the company a "sector perform" rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Parex Resources currently has a consensus rating of "Hold" and a consensus price target of C$26.62.

Parex Resources Stock Performance

The company has a market capitalization of C$2.90 billion, a price-to-earnings ratio of 5.08, a price-to-earnings-growth ratio of 0.21 and a beta of 0.17. The firm has a 50-day simple moving average of C$28.01 and a two-hundred day simple moving average of C$26.11. The company has a current ratio of 0.88, a quick ratio of 1.45 and a debt-to-equity ratio of 34.66.

Parex Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 15th were given a $0.3850 dividend. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.54 annualized dividend and a dividend yield of 5.1%. Parex Resources's dividend payout ratio is presently 18.57%.

Insider Buying and Selling at Parex Resources

In other Parex Resources news, insider Michael Kruchten sold 21,382 shares of the business's stock in a transaction dated Monday, October 19th. The shares were sold at an average price of C$29.21, for a total value of C$624,568.22. Following the sale, the insider directly owned 61,620 shares in the company, valued at approximately C$1,799,920.20. The trade was a 25.76% decrease in their ownership of the stock. Also, insider Cam Grainger purchased 2,000 shares of the business's stock in a transaction dated Monday, August 24th. The shares were purchased at an average price of C$27.40 per share, for a total transaction of C$54,800.00. Following the acquisition, the insider directly owned 43,584 shares of the company's stock, valued at C$1,194,201.60. This trade represents a 4.81% increase in their ownership of the stock. 1.64% of the stock is currently owned by corporate insiders.

About Parex Resources

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company's corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.

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