Parex Resources (TSE:PXT) Sets New 12-Month High – Time to Buy?

Parex Resources Inc. (TSE:PXT)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as C$17.50 and last traded at C$17.47, with a volume of 194413 shares changing hands. The stock had previously closed at C$17.30.

Analyst Ratings Changes

PXT has been the subject of several research reports. Scotiabank raised their price objective on shares of Parex Resources from C$16.00 to C$17.00 and gave the company a “sector perform” rating in a research report on Thursday, July 31st. Royal Bank Of Canada raised their price objective on shares of Parex Resources from C$16.00 to C$18.00 and gave the company a “sector perform” rating in a research report on Thursday, July 31st. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, Parex Resources has an average rating of “Hold” and an average price target of C$17.00.

Parex Resources Stock Performance

The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45. The firm has a market capitalization of C$1.74 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.21 and a beta of 0.53. The firm’s fifty day moving average is C$15.42 and its 200 day moving average is C$13.86.

Parex Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 15th will be given a $0.385 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 8.7%. Parex Resources’s dividend payout ratio (DPR) is currently 84.24%.

Insider Transactions at Parex Resources

In other Parex Resources news, Director Sigmund Cornelius purchased 5,000 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were purchased at an average price of C$15.15 per share, for a total transaction of C$75,726.75. Company insiders own 1.64% of the company’s stock.

About Parex Resources

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.