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

Key Points

• Royal Bank of Canada raised its target price on Parex Resources to C$28 (from C$23) while keeping a "sector perform" rating, implying about a 6.83% upside from the prior close.
• Parex (TSE:PXT) traded at C$26.21 (up 1.9%), near its 52-week high of C$26.27, and trades at a P/E of 10.0 with a C$2.52 billion market cap; the company reported C$0.43 EPS and C$223.5M revenue last quarter, with a 13.39% ROE and 26.85% net margin.

Parex Resources (TSE:PXT - Get Free Report) had its target price lifted by stock analysts at Royal Bank Of Canada from C$23.00 to C$28.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 6.83% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. Roth Mkm set a C$24.00 price target on shares of Parex Resources and gave the stock a "buy" rating in a report on Friday, December 12th. Jefferies Financial Group raised their price objective on shares of Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of C$22.50.

Parex Resources Stock Up 1.9%

PXT stock traded up C$0.49 during mid-day trading on Friday, reaching C$26.21. The company had a trading volume of 709,005 shares, compared to its average volume of 722,134. The firm has a fifty day simple moving average of C$20.64 and a 200 day simple moving average of C$19.03. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11. The company has a market capitalization of C$2.52 billion, a price-to-earnings ratio of 10.00, a price-to-earnings-growth ratio of 0.21 and a beta of 0.63. Parex Resources has a fifty-two week low of C$10.30 and a fifty-two week high of C$26.27.

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

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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