Parex Resources Inc. engages in the exploration, development, production of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 6,521,632 gross acres. As of December 31, 2021, it had proved plus probable reserves of 198,825 million barrels of oil equivalent. The company was incorporated in 2009 and is headquartered in Calgary, Canada.
Parex Resources Stock Performance
TSE:PXT traded up C$0.69 on Thursday, reaching C$20.24. 558,433 shares of the company's stock traded hands, compared to its average volume of 608,023. The stock has a 50 day moving average price of C$23.25 and a 200-day moving average price of C$25.32. The firm has a market cap of C$2.27 billion and a price-to-earnings ratio of 3.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.73 and a current ratio of 1.81. Parex Resources has a fifty-two week low of C$17.28 and a fifty-two week high of C$30.44.
Parex Resources (TSE:PXT - Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The company reported C$1.58 EPS for the quarter, missing the consensus estimate of C$1.68 by C($0.10). The business had revenue of C$572.13 million during the quarter. Equities research analysts predict that Parex Resources will post 8.32 EPS for the current fiscal year.
Parex Resources Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 30th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 4.94%. The ex-dividend date was Tuesday, June 14th. This is a positive change from Parex Resources's previous quarterly dividend of $0.14. Parex Resources's payout ratio is presently 10.12%.
Analyst Upgrades and Downgrades
PXT has been the subject of several recent analyst reports. Stifel Nicolaus reduced their target price on shares of Parex Resources from C$39.00 to C$37.00 in a research note on Friday, August 5th. Haywood Securities dropped their target price on Parex Resources from C$45.00 to C$39.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 27th. Cormark boosted their price objective on shares of Parex Resources from C$36.00 to C$40.00 and gave the company an "outperform" rating in a research note on Monday, April 18th. Finally, Scotiabank lowered their price target on Parex Resources from C$38.00 to C$34.00 in a report on Thursday, July 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of C$36.14.
Insiders Place Their Bets
In other news, Senior Officer Eric Furlan sold 7,500 shares of Parex Resources stock in a transaction that occurred on Monday, May 30th. The stock was sold at an average price of C$27.60, for a total value of C$207,000.00. Following the sale, the insider now directly owns 162,879 shares of the company's stock, valued at C$4,495,460.40.