Parex Resources (TSE:PXT) Shares Cross Above 200 Day Moving Average – What’s Next?

Parex Resources Inc. (TSE:PXT)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$13.73 and traded as high as C$14.10. Parex Resources shares last traded at C$13.80, with a volume of 454,574 shares changing hands.

Analyst Upgrades and Downgrades

PXT has been the subject of several research analyst reports. Royal Bank of Canada raised their price objective on Parex Resources from C$15.00 to C$16.00 and gave the company a “sector perform” rating in a research note on Thursday, March 6th. BMO Capital Markets raised their price target on Parex Resources from C$14.00 to C$16.00 in a research report on Wednesday, January 15th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Parex Resources currently has a consensus rating of “Hold” and a consensus price target of C$20.21.

Parex Resources Stock Performance

The stock has a 50 day simple moving average of C$13.91 and a 200 day simple moving average of C$13.73. 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$968.13 million, a price-to-earnings ratio of 3.77, a PEG ratio of 0.21 and a beta of 1.43.

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 18th were given a $0.385 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.54 dividend on an annualized basis and a yield of 11.16%. Parex Resources’s payout ratio is currently 42.12%.

Insider Activity at Parex Resources

In related news, Director Sigmund Cornelius purchased 5,000 shares of Parex Resources stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of C$12.61 per share, with a total value of C$63,063.00. 1.64% of the stock is currently 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.