Parex Resources (TSE:PXT) Insider Purchases 24,870 Shares of Company Stock

Parex Resources Inc. (TSE:PXT) insider Imad Mohsen bought 24,870 shares of the stock in a transaction on Monday, November 9th. The stock was purchased at an average price of C$20.07 per share, with a total value of C$499,140.90. Following the completion of the acquisition, the insider directly owned 191,907 shares in the company, valued at approximately C$3,851,573.49. This trade represents a 14.89% increase in their position.

Imad Mohsen also recently made the following trade(s):

• On Monday, November 9th, Imad Mohsen purchased 385 shares of Parex Resources stock. The shares were purchased at an average cost of C$20.03 per share, for a total transaction of C$7,711.55.
• On Monday, November 9th, Imad Mohsen purchased 97 shares of Parex Resources stock. The shares were purchased at an average price of C$20.11 per share, for a total transaction of C$1,950.67.
• On Monday, November 9th, Imad Mohsen bought 690 shares of Parex Resources stock. The shares were acquired at an average price of C$20.05 per share, for a total transaction of C$13,834.50.
• On Monday, November 9th, Imad Mohsen purchased 89 shares of Parex Resources stock. The stock was acquired at an average cost of C$20.06 per share, with a total value of C$1,785.34.
• On Monday, November 9th, Imad Mohsen purchased 120 shares of Parex Resources stock. The stock was bought at an average cost of C$20.09 per share, with a total value of C$2,410.80.

Parex Resources Price Performance

Shares of TSE PXT remained flat at C$19.81 during mid-day trading on Monday. The company had a trading volume of 2,295,767 shares, compared to its average volume of 886,219. Parex Resources Inc. has a 1 year low of C$17.12 and a 1 year high of C$30.44. The business has a 50-day simple moving average of C$27.59 and a 200-day simple moving average of C$25.33. The firm has a market capitalization of C$1.91 billion, a PE ratio of 3.33, a price-to-earnings-growth ratio of 0.21 and a beta of 0.25. The company has a current ratio of 0.88, a quick ratio of 1.45 and a debt-to-equity ratio of 34.66.

Parex Resources Announces Dividend

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

Parex Resources News Summary

Here are the key news stories impacting Parex Resources this week:

• Positive Sentiment: Two directors and insider Imad Mohsen reported buying Parex shares on November 9. The largest disclosed purchases were 24,870 shares by Mohsen for about C$499,141 and a combined 12,500 shares by the two directors for about C$251,150. Insider buying can be a positive confidence signal. Insider transactions
• Negative Sentiment: A report said Parex shares had fallen 16.8%, indicating significant recent selling pressure. The headline does not provide a reason for the decline or further details on what investors may expect next. Parex Resources Stock Price Down 16.8% – What’s Next?

Analyst Upgrades and Downgrades

PXT has been the subject of several research analyst reports. ATB Cormark Capital Markets set a C$35.00 price objective on shares of Parex Resources and gave the company an “outperform” rating in a research report on Monday, October 26th. Scotiabank boosted their target price on shares of Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$28.30.

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.