Parex Resources (TSE:PXT) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Parex Resources shares rose above their 200-day moving average of C$25.00, reaching C$28.79 and closing at C$28.52 on trading volume of 791,326 shares.
• Scotiabank increased its price target from C$29.00 to C$30.00 while maintaining a “sector perform” rating. Analyst coverage implies a “Moderate Buy” consensus, though the average target of C$25.30 is below the recent share price.
• Company insiders purchased shares, including 2,000 shares bought by Cam Grainger and 24,250 shares bought by Imad Mohsen, with insiders collectively owning 1.64% of Parex Resources.

Parex Resources Inc. (TSE:PXT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$25.00 and traded as high as C$28.79. Parex Resources shares last traded at C$28.52, with a volume of 791,326 shares traded.

Analysts Set New Price Targets

Separately, Scotiabank raised 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. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Parex Resources has a consensus rating of "Moderate Buy" and a consensus target price of C$25.30.

Parex Resources Trading Up 2.3%

The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66. The firm has a market capitalization of C$2.74 billion, a PE ratio of 4.79, a PEG ratio of 0.21 and a beta of 0.18. The stock's fifty day simple moving average is C$24.22 and its 200 day simple moving average is C$25.00.

Insider Buying and Selling at Parex Resources

In other news, insider Cam Grainger bought 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were bought at an average cost of C$27.40 per share, for a total transaction of C$54,800.00. Following the completion of the transaction, the insider owned 43,584 shares of the company's stock, valued at approximately C$1,194,201.60. This represents a 4.81% increase in their ownership of the stock. Also, insider Imad Mohsen bought 24,250 shares of the stock in a transaction dated Tuesday, July 7th. The shares were purchased at an average price of C$20.61 per share, with a total value of C$499,792.50. Following the completion of the transaction, 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 position. 1.64% of the stock is owned by insiders.

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.

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