Parex Resources (TSE:PXT) Stock: Insider Glenn Mcnamara Purchases 7,500 Shares

Parex Resources Inc. (TSE:PXT) Director Glenn Mcnamara bought 7,500 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were bought at an average price of C$20.26 per share, for a total transaction of C$151,950.00. Following the transaction, the director directly owned 29,998 shares in the company, valued at C$607,759.48. This trade represents a 33.34% increase in their ownership of the stock.

Parex Resources Stock Down 0.8%

Shares of TSE PXT opened at C$19.66 on Wednesday. The firm has a market cap of C$1.89 billion, a PE ratio of 3.30, a P/E/G ratio of 0.21 and a beta of 0.25. Parex Resources Inc. has a 12-month low of C$17.12 and a 12-month high of C$30.44. The company’s fifty day simple moving average is C$27.41 and its 200 day simple moving average is C$25.33. The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66.

Parex Resources Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Tuesday, September 8th. This represents a $1.54 annualized dividend and a dividend yield of 7.8%. Parex Resources’s dividend payout ratio is currently 18.57%.

Key Headlines Impacting Parex Resources

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

• Positive Sentiment: Multiple insiders bought Parex shares on November 9. Director Sigmund Cornelius bought 5,000 shares for C$99,200, director Glenn McNamara bought 7,500 shares for C$151,950, and insider Imad Mohsen’s largest reported purchase was 24,870 shares for about C$499,141. These purchases may signal confidence in the company, although insider buying alone does not guarantee a recovery. Parex insider transactions
• Negative Sentiment: A separate report said Parex shares had fallen 16.8%, pointing to considerable recent selling pressure. It did not identify a specific cause for the decline, so investors have limited information about what is driving the weakness. Parex Resources share-price decline

Analysts Set New Price Targets

Several brokerages have recently commented on PXT. Scotiabank raised their target price on 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 Parex Resources and gave the company an “outperform” rating in a research report on Monday, October 26th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.