Royal Bank Of Canada Boosts Parex Resources (TSE:PXT) Price Target to C$32.00

Key Points

• Royal Bank of Canada raised its target on Parex Resources to C$32.00 from C$28.00 while maintaining a "sector perform" rating, implying about a 28.31% upside from the stock's current price.
• The stock traded at C$24.94 (down C$2.54) on the day with ~1.29M shares changing hands; Parex has a market cap of C$2.39B and trades at a P/E of 9.52.
• Analyst coverage is mixed—two Buy and two Hold ratings produce a consensus "Moderate Buy" and a consensus target of C$23.30, which is well below RBC's C$32 projection.

Parex Resources (TSE:PXT - Get Free Report) had its target price increased by Royal Bank Of Canada from C$28.00 to C$32.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price would indicate a potential upside of 28.31% from the stock's current price.

PXT has been the topic of a number of other research reports. Roth Mkm set a C$24.00 price target on Parex Resources and gave the company a "buy" rating in a report on Friday, December 12th. Jefferies Financial Group lifted their price target on Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Parex Resources has an average rating of "Moderate Buy" and a consensus target price of C$23.30.

Parex Resources Stock Performance

Shares of PXT traded down C$2.54 during mid-day trading on Wednesday, reaching C$24.94. 1,291,719 shares of the company's stock traded hands, compared to its average volume of 895,792. The business's 50-day moving average price is C$23.46 and its 200-day moving average price is C$20.21. The stock has a market capitalization of C$2.39 billion, a P/E ratio of 9.52, a price-to-earnings-growth ratio of 0.21 and a beta of 0.02. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11. Parex Resources has a 12 month low of C$10.30 and a 12 month high of C$28.42.

Parex Resources (TSE:PXT - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The company reported C$0.43 earnings per share for the quarter. The company had revenue of C$223.53 million for the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

Parex Resources Company Profile

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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