Parex Resources (TSE:PXT) Shares Cross Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Parex Resources shares crossed above their 200-day moving average, reaching C$29.64 before closing at C$28.87 on elevated volume. The stock’s 200-day average is C$25.55.
• Analyst sentiment remains cautious, with an overall “Hold” rating and an average price target of C$26.62. Scotiabank raised its target to C$30 while maintaining a “sector perform” rating.
• The company announced a quarterly dividend of C$0.385 per share, equivalent to an annualized C$1.54 payout and a 5.3% yield; two insiders also recently purchased shares.

Parex Resources Inc. (TSE:PXT - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$25.55 and traded as high as C$29.64. Parex Resources shares last traded at C$28.87, with a volume of 1,192,728 shares traded.

Analyst Ratings Changes

Separately, Scotiabank lifted their price objective on Parex Resources from C$29.00 to C$30.00 and gave the stock a "sector perform" rating in a research 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.com, the stock presently has an average rating of "Hold" and an average price target of C$26.62.

Parex Resources Stock Performance

The stock has a market cap of C$2.78 billion, a price-to-earnings ratio of 4.85, a P/E/G ratio of 0.21 and a beta of 0.13. The company's fifty day simple moving average is C$25.63 and its two-hundred day simple moving average is C$25.55. The company has a debt-to-equity ratio of 34.66, a current ratio of 0.88 and a quick ratio of 1.45.

Parex Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th will be issued a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Tuesday, September 8th. Parex Resources's dividend payout ratio is currently 18.57%.

Insider Activity

In related news, insider Cam Grainger acquired 2,000 shares of the firm's stock in a transaction on Monday, August 24th. The stock was purchased at an average cost of C$27.40 per share, with a total value of C$54,800.00. Following the acquisition, the insider owned 43,584 shares of the company's stock, valued at approximately C$1,194,201.60. This trade represents a 4.81% increase in their position. Also, insider Imad Mohsen acquired 24,250 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were purchased at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the completion of the acquisition, the insider directly owned 165,410 shares in the company, valued at approximately C$3,409,100.10. The trade was a 17.18% increase in their ownership of the stock. 1.64% of the stock is currently owned by company 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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