Parex Resources (TSE:PXT) Given New C$20.00 Price Target at Royal Bank Of Canada

Parex Resources (TSE:PXT) had its price objective raised by investment analysts at Royal Bank Of Canada from C$18.00 to C$20.00 in a report released on Monday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 5.60% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. BMO Capital Markets raised shares of Parex Resources from a “hold” rating to an “outperform” rating and boosted their price target for the company from C$16.00 to C$20.00 in a research report on Monday, September 15th. Scotiabank boosted their price target on shares of Parex Resources from C$16.00 to C$17.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of C$19.00.

Parex Resources Stock Performance

TSE PXT traded down C$0.49 on Monday, hitting C$18.94. 262,629 shares of the company’s stock traded hands, compared to its average volume of 652,446. The company has a current ratio of 1.18, a quick ratio of 1.45 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of C$1.86 billion, a PE ratio of 14.46, a P/E/G ratio of 0.21 and a beta of 0.47. The firm’s 50-day moving average price is C$16.87 and its two-hundred day moving average price is C$14.44. Parex Resources has a 1-year low of C$10.30 and a 1-year high of C$19.81.

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.