Parex Resources (TSE:PXT) Stock Breaks Above 200 Day Moving Average - What's Next?

Key Points

• Parex Resources shares broke above their 200-day moving average, reaching C$27.00 before closing at C$26.83, compared with the C$25.95 average.
• Scotiabank raised its price target to C$30.00 but maintained a “sector perform” rating. Overall, analysts have an average “Hold” rating and a C$26.62 price target.
• The company pays a quarterly dividend of C$0.385 per share, representing a 5.7% annualized yield, while insiders recently increased their holdings through share purchases.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$25.95 and traded as high as C$27.00. Parex Resources shares last traded at C$26.83, with a volume of 492,261 shares.

Analyst Upgrades and Downgrades

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

Parex Resources Stock Performance

The company has a debt-to-equity ratio of 34.66, a quick ratio of 1.45 and a current ratio of 0.88. The stock's 50-day simple moving average is C$26.84 and its two-hundred day simple moving average is C$25.95. The stock has a market cap of C$2.58 billion, a price-to-earnings ratio of 4.51, a price-to-earnings-growth ratio of 0.21 and a beta of 0.13.

Parex Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th were given a dividend of $0.3850 per share. This represents a $1.54 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Tuesday, September 8th. Parex Resources's payout ratio is currently 18.57%.

Insider Activity at Parex Resources

In other Parex Resources news, insider Cam Grainger bought 2,000 shares of the stock in a transaction on Monday, August 24th. The shares were purchased at an average price of C$27.40 per share, with a total value 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 represents a 4.81% increase in their position. Also, insider Imad Mohsen purchased 24,250 shares of the company's stock in a transaction on Tuesday, July 7th. The stock was acquired at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the completion of the transaction, the insider owned 165,410 shares in the company, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their ownership of the stock. 1.64% of the stock is 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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