Parex Resources Inc. (TSE:PXT) Given Consensus Recommendation of “Buy” by Analysts

Shares of Parex Resources Inc. (TSE:PXT) have been given an average recommendation of “Buy” by the nine analysts that are covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a buy rating. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is C$30.72.

Several equities research analysts have issued reports on PXT shares. CIBC lifted their price target on shares of Parex Resources to C$27.50 and gave the company an “outperform” rating in a research note on Friday, April 16th. BMO Capital Markets increased their price target on Parex Resources from C$28.00 to C$30.00 in a research report on Thursday, March 4th. Cormark boosted their price target on Parex Resources from C$30.00 to C$32.50 in a research report on Friday, March 5th. Eight Capital reissued a “na” rating and issued a C$31.00 price objective on shares of Parex Resources in a report on Wednesday, February 17th. Finally, Scotiabank raised their target price on shares of Parex Resources from C$30.00 to C$31.00 in a research note on Thursday, April 15th.

Shares of Parex Resources stock traded down C$0.42 during trading on Tuesday, reaching C$23.16. The stock had a trading volume of 438,465 shares, compared to its average volume of 532,591. The company has a current ratio of 3.61, a quick ratio of 3.49 and a debt-to-equity ratio of 0.19. The company has a market capitalization of C$2.98 billion and a price-to-earnings ratio of 27.04. The stock has a fifty day moving average price of C$22.39 and a two-hundred day moving average price of C$19.52. Parex Resources has a 52 week low of C$12.05 and a 52 week high of C$24.33.

Parex Resources (TSE:PXT) last released its quarterly earnings results on Wednesday, March 3rd. The company reported C$0.55 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.41 by C$0.14. The firm had revenue of C$218.01 million for the quarter. On average, equities analysts forecast that Parex Resources will post 3.1400002 EPS for the current fiscal year.

In other news, Senior Officer Wayne Kim Foo sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 10th. The stock was sold at an average price of C$22.01, for a total value of C$2,201,000.00. Following the completion of the transaction, the insider now owns 200,000 shares of the company’s stock, valued at C$4,402,000. Also, Senior Officer Kenneth George Pinsky sold 67,965 shares of the firm’s stock in a transaction that occurred on Wednesday, March 31st. The shares were sold at an average price of C$22.47, for a total transaction of C$1,527,173.55. Following the completion of the transaction, the insider now owns 353,332 shares of the company’s stock, valued at approximately C$7,939,370.04. Over the last 90 days, insiders sold 232,565 shares of company stock worth $5,185,676.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company holds interests in onshore exploration and production blocks totaling approximately 2,323,941 gross acres. As of December 31, 2020, it had proved plus probable reserves of 194,491 million barrels of oil equivalent.

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Analyst Recommendations for Parex Resources (TSE:PXT)

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