Royal Bank Of Canada Issues Positive Forecast for Parex Resources (TSE:PXT) Stock Price

Key Points

• Royal Bank of Canada has increased its price target for Parex Resources from C$16.00 to C$18.00, suggesting a potential upside of 9.62% from the current price.
• Scotiabank also raised its price target for the stock to C$17.00, with both banks maintaining a "sector perform" rating.
• Parex Resources' stock recently traded at C$16.42, reflecting a 1.9% increase during midday trading, with a market cap of C$1.15 billion.

Parex Resources (TSE:PXT - Get Free Report) had its price target upped by stock analysts at Royal Bank Of Canada from C$16.00 to C$18.00 in a research note issued on Thursday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target would suggest a potential upside of 9.62% from the stock's current price.

Separately, Scotiabank upped their price target on Parex Resources from C$16.00 to C$17.00 and gave the company a "sector perform" rating in a report on Thursday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, Parex Resources has a consensus rating of "Hold" and a consensus target price of C$20.21.

Parex Resources Stock Up 1.9%

Parex Resources stock traded up C$0.31 during midday trading on Thursday, reaching C$16.42. The company's stock had a trading volume of 510,456 shares, compared to its average volume of 638,894. The company has a market cap of C$1.15 billion, a P/E ratio of 4.49, a P/E/G ratio of 0.21 and a beta of 1.43. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81. The business has a 50-day simple moving average of C$14.38 and a 200-day simple moving average of C$13.50. Parex Resources has a fifty-two week low of C$10.30 and a fifty-two week high of C$21.00.

Insider Activity at Parex Resources

In other news, Director Sigmund Cornelius acquired 5,000 shares of the company's stock in a transaction on Friday, June 20th. The shares were bought at an average cost of C$15.15 per share, with a total value of C$75,726.75. 1.64% of the stock is owned by company insiders.

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.

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