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

Key Points

• Parex Resources shares crossed above their 200-day moving average, reaching C$27.03 before closing at C$26.45 on trading volume of 839,396 shares.
• Analyst sentiment remains cautious: Scotiabank raised its price target to C$30 while maintaining a “sector perform” rating; the overall consensus is “Hold” with a C$26.62 target.
• The company paid a quarterly dividend of C$0.385 per share, equivalent to a 5.8% 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 Tuesday . The stock has a 200-day moving average of C$25.81 and traded as high as C$27.03. Parex Resources shares last traded at C$26.45, with a volume of 839,396 shares changing hands.

Analyst Ratings Changes

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

Parex Resources Price Performance

The stock has a market cap of C$2.54 billion, a P/E ratio of 4.45, a PEG ratio of 0.21 and a beta of 0.13. The company has a debt-to-equity ratio of 34.66, a current ratio of 0.88 and a quick ratio of 1.45. The business's fifty day moving average price is C$26.31 and its 200 day moving average price is C$25.81.

Parex Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 15th were paid a $0.385 dividend. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.54 annualized dividend and a dividend yield of 5.8%. Parex Resources's dividend payout ratio is currently 18.57%.

Insider Buying and Selling

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