Parex Resources (TSE:PXT) Trading Down 5.3%

Parex Resources Inc. (TSE:PXTGet Rating) fell 5.3% during mid-day trading on Monday . The company traded as low as C$22.00 and last traded at C$22.47. 282,479 shares were traded during trading, a decline of 53% from the average session volume of 601,195 shares. The stock had previously closed at C$23.74.

Several brokerages recently weighed in on PXT. Scotiabank boosted their price objective on Parex Resources from C$37.00 to C$38.00 in a report on Wednesday, June 8th. Cormark boosted their price objective on Parex Resources from C$36.00 to C$40.00 and gave the stock an “outperform” rating in a research report on Monday, April 18th. Finally, Stifel Nicolaus upped their target price on Parex Resources from C$40.00 to C$42.00 in a research report on Thursday, May 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Parex Resources has an average rating of “Buy” and an average price target of C$36.71.

The company’s fifty day simple moving average is C$26.21 and its two-hundred day simple moving average is C$25.54. The company has a quick ratio of 1.77, a current ratio of 1.84 and a debt-to-equity ratio of 0.48. The company has a market capitalization of C$2.59 billion and a price-to-earnings ratio of 5.24.

Parex Resources (TSE:PXTGet Rating) last announced its earnings results on Wednesday, May 11th. The company reported C$1.63 EPS for the quarter, topping the consensus estimate of C$1.29 by C$0.34. The company had revenue of C$523.94 million for the quarter. Equities research analysts expect that Parex Resources Inc. will post 6.9899402 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 4.45%. This is a boost from Parex Resources’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Tuesday, June 14th. Parex Resources’s dividend payout ratio is currently 7.17%.

In other Parex Resources news, Senior Officer Eric Furlan sold 7,500 shares of the company’s stock in a transaction on Monday, May 30th. The shares were sold at an average price of C$27.60, for a total transaction of C$207,000.00. Following the transaction, the insider now owns 162,879 shares in the company, valued at C$4,495,460.40. Also, Senior Officer Wayne Kim Foo sold 50,000 shares of the firm’s stock in a transaction dated Friday, March 25th. The stock was sold at an average price of C$27.76, for a total transaction of C$1,388,000.00. Following the sale, the insider now owns 200,000 shares of the company’s stock, valued at approximately C$5,552,000. Insiders have sold a total of 62,500 shares of company stock worth $1,731,500 over the last three months.

Parex Resources Company Profile (TSE:PXT)

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.

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