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

Key Points

• Royal Bank of Canada raised its price target for Parex Resources from C$18.00 to C$20.00, indicating a potential upside of 5.60% from the current stock price.
• BMO Capital Markets upgraded Parex Resources to an "outperform" rating, also increasing their price target from C$16.00 to C$20.00, reflecting positive sentiment from multiple analysts.
• Parex Resources has a current market cap of C$1.86 billion and a price-to-earnings ratio of 14.46, with a low of C$10.30 and a high of C$19.81 over the past year.

Parex Resources (TSE:PXT - Get Free Report) had its price target lifted by equities researchers at Royal Bank Of Canada from C$18.00 to C$20.00 in a research note issued on Monday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 5.60% from the company's current price.

A number of other equities research analysts have also commented on the company. BMO Capital Markets upgraded Parex Resources from a "hold" rating to an "outperform" rating and increased their price target for the stock from C$16.00 to C$20.00 in a research report on Monday, September 15th. Scotiabank raised their price target on Parex Resources from C$16.00 to C$17.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Parex Resources currently has an average rating of "Hold" and a consensus price target of C$19.00.

Parex Resources Stock Performance

Parex Resources stock traded down C$0.49 during trading hours on Monday, hitting C$18.94. The stock had a trading volume of 262,629 shares, compared to its average volume of 652,446. The company has a 50-day moving average of C$16.87 and a two-hundred day moving average of C$14.44. 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 company has a market cap of C$1.86 billion, a PE ratio of 14.46, a price-to-earnings-growth ratio of 0.21 and a beta of 0.47. Parex Resources has a fifty-two week low of C$10.30 and a fifty-two week high of C$19.81.

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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