Scotiabank Lowers Parex Resources (TSE:PXT) Price Target to C$24.00

Parex Resources (TSE:PXTGet Rating) had its target price decreased by Scotiabank from C$29.00 to C$24.00 in a report issued on Wednesday, BayStreet.CA reports.

PXT has been the topic of several other research reports. Haywood Securities cut their price target on shares of Parex Resources from C$36.00 to C$30.00 in a report on Friday, November 11th. Stifel Nicolaus cut their price target on shares of Parex Resources from C$37.00 to C$35.00 in a report on Monday, October 17th. Finally, Royal Bank of Canada cut their price target on shares of Parex Resources from C$38.00 to C$36.00 and set an outperform rating on the stock in a report on Friday, October 14th.

Parex Resources Trading Down 2.4 %

TSE PXT opened at C$19.03 on Wednesday. Parex Resources has a one year low of C$18.20 and a one year high of C$30.44. The company’s 50 day moving average price is C$20.66 and its 200 day moving average price is C$22.20. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.45 and a current ratio of 1.60. The firm has a market capitalization of C$2.08 billion and a price-to-earnings ratio of 3.65.

Parex Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 30th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend was Wednesday, September 14th. Parex Resources’s dividend payout ratio (DPR) is 11.25%.

Insider Buying and Selling at Parex Resources

In other news, Director G.R. (Bob) Mac Dougall acquired 2,400 shares of the stock in a transaction on Tuesday, October 18th. The stock was bought at an average price of C$20.84 per share, with a total value of C$50,016.00. Following the completion of the transaction, the director now directly owns 17,138 shares of the company’s stock, valued at C$357,155.92. In related news, Director G.R. (Bob) Mac Dougall purchased 2,400 shares of the firm’s stock in a transaction dated Tuesday, October 18th. The stock was acquired at an average price of C$20.84 per share, with a total value of C$50,016.00. Following the completion of the transaction, the director now owns 17,138 shares of the company’s stock, valued at C$357,155.92. Also, Senior Officer Wayne Kim Foo purchased 7,500 shares of the firm’s stock in a transaction dated Monday, October 17th. The shares were bought at an average cost of C$21.07 per share, with a total value of C$158,007.00. Following the transaction, the insider now directly owns 1,079,479 shares of the company’s stock, valued at approximately C$22,742,031.78. Insiders bought 10,921 shares of company stock valued at $228,075 over the last 90 days.

About Parex Resources

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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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