Parex Resources (TSE:PXT) Stock Price Down 16.8% – Here’s What Happened

Shares of Parex Resources Inc. (TSE:PXT) fell 16.8% during trading on Friday. The stock traded as low as C$19.70 and last traded at C$19.74. Approximately 1,574,777 shares were traded during trading, an increase of 81% from the average session volume of 871,435 shares. The stock had previously closed at C$23.74.

Analysts Set New Price Targets

A number of analysts have weighed in on PXT shares. Scotiabank raised their price objective on shares of Parex Resources from C$29.00 to C$30.00 and gave the company a “sector perform” rating in a research note on Thursday, August 13th. ATB Cormark Capital Markets set a C$35.00 target price on shares of Parex Resources and gave the stock an “outperform” rating in a research note on Monday, October 26th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$28.30.

Parex Resources Stock Performance

The stock has a market capitalization of C$1.90 billion, a P/E ratio of 3.33, a P/E/G ratio of 0.21 and a beta of 0.25. The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66. The business has a fifty day moving average price of C$27.91 and a 200-day moving average price of C$25.33.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.3850 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date of this dividend was Tuesday, September 8th. Parex Resources’s dividend payout ratio (DPR) is presently 18.57%.

Insider Activity

In related news, insider Cam Grainger purchased 2,000 shares of Parex Resources stock in a transaction dated Monday, August 24th. The stock was purchased at an average cost of C$27.40 per share, for a total transaction of C$54,800.00. Following the completion of the purchase, the insider directly owned 43,584 shares of the company’s stock, valued at C$1,194,201.60. The trade was a 4.81% increase in their position. Also, insider Michael Kruchten sold 21,382 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of C$29.21, for a total transaction of C$624,568.22. Following the transaction, the insider owned 61,620 shares in the company, valued at approximately C$1,799,920.20. This trade represents a 25.76% decrease in their position. Insiders own 1.64% of the company’s stock.

About Parex Resources

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.