Royal Bank Of Canada Boosts Parex Resources (TSE:PXT) Price Target to C$32.00

Parex Resources (TSE:PXT) had its price objective boosted by equities researchers at Royal Bank Of Canada from C$28.00 to C$32.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 28.31% from the company’s previous close.

Several other research analysts have also recently issued reports on PXT. Jefferies Financial Group upped their price target on Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Roth Mkm set a C$24.00 price target on Parex Resources and gave the company a “buy” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Parex Resources has an average rating of “Moderate Buy” and a consensus target price of C$23.30.

Parex Resources Price Performance

Shares of TSE PXT traded down C$2.54 during mid-day trading on Wednesday, reaching C$24.94. 1,291,719 shares of the company traded hands, compared to its average volume of 895,792. The firm has a market cap of C$2.39 billion, a PE ratio of 9.52, a price-to-earnings-growth ratio of 0.21 and a beta of 0.02. Parex Resources has a fifty-two week low of C$10.30 and a fifty-two week high of C$28.42. The stock has a fifty day simple moving average of C$23.46 and a 200-day simple moving average of C$20.21. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.11 and a quick ratio of 1.45.

Parex Resources (TSE:PXT) last posted its quarterly earnings results on Wednesday, March 4th. The company reported C$0.43 earnings per share (EPS) for the quarter. The company had revenue of C$223.53 million for the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

Parex Resources Company Profile

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.