Parex Resources (TSE:PXT) Price Target Raised to C$20.50

Parex Resources (TSE:PXT) had its target price raised by Jefferies Financial Group from C$18.00 to C$20.50 in a research report sent to investors on Monday,BayStreet.CA reports.

Several other research analysts have also recently commented on PXT. Scotiabank raised their target price on shares of Parex Resources from C$17.00 to C$20.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. BMO Capital Markets upgraded shares of Parex Resources from a “hold” rating to an “outperform” rating and upped their price target for the company from C$16.00 to C$20.00 in a research report on Monday, September 15th. Royal Bank Of Canada lifted their price objective on shares of Parex Resources from C$20.00 to C$21.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 7th. Finally, Roth Capital set a C$24.00 target price on Parex Resources and gave the company a “buy” rating in a report on Friday, December 12th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Parex Resources currently has an average rating of “Moderate Buy” and a consensus target price of C$21.10.

Parex Resources Price Performance

Shares of TSE:PXT opened at C$17.49 on Monday. The company has a market capitalization of C$1.71 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 0.21 and a beta of 0.61. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. The stock has a fifty day moving average of C$18.29 and a 200-day moving average of C$16.88. Parex Resources has a one year low of C$10.30 and a one year high of C$19.81.

Parex Resources (TSE:PXT) last issued its earnings results on Tuesday, November 4th. The company reported C$0.52 earnings per share (EPS) for the quarter. Parex Resources had a return on equity of 13.52% and a net margin of 19.08%.The business had revenue of C$311.63 million for the quarter.

Parex Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were given a $0.385 dividend. The ex-dividend date was Monday, December 8th. This represents a $1.54 dividend on an annualized basis and a yield of 8.8%. Parex Resources’s dividend payout ratio is presently 92.82%.

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.