Parex Resources Inc. (TSE:PXT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Parex Resources Inc. (TSE:PXT) have been assigned a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$21.86.

A number of equities analysts have weighed in on the company. Haywood Securities decreased their target price on Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a research report on Friday, August 30th. BMO Capital Markets boosted their price target on Parex Resources from C$13.00 to C$14.00 in a research note on Thursday, November 7th. Jefferies Financial Group cut their price target on Parex Resources from C$23.80 to C$19.50 in a research note on Thursday, August 29th. Scotiabank cut their price target on Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating for the company in a research note on Friday, August 30th. Finally, Royal Bank of Canada cut their price target on Parex Resources from C$17.00 to C$15.00 in a research note on Tuesday, September 17th.

Insider Activity at Parex Resources

In other Parex Resources news, Senior Officer Cam Grainger purchased 13,500 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were bought at an average cost of C$13.45 per share, with a total value of C$181,575.00. 1.64% of the stock is currently owned by corporate insiders.

Parex Resources Price Performance

Shares of TSE:PXT opened at C$13.53 on Friday. Parex Resources has a fifty-two week low of C$11.33 and a fifty-two week high of C$25.78. The business has a 50-day simple moving average of C$13.90 and a two-hundred day simple moving average of C$16.94. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. The firm has a market cap of C$1.37 billion, a price-to-earnings ratio of 3.23, a price-to-earnings-growth ratio of 0.21 and a beta of 1.43.

Parex Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 16th will be paid a dividend of $0.385 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 11.38%. Parex Resources’s dividend payout ratio (DPR) is presently 36.75%.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.