Parex Resources Inc. (TSE:PXT) Announces $0.39 Quarterly Dividend

Parex Resources Inc. (TSE:PXT) declared a quarterly dividend on Monday, September 9th, Zacks reports. Stockholders of record on Monday, September 16th will be paid a dividend of 0.385 per share on Monday, September 16th. This represents a $1.54 annualized dividend and a dividend yield of 11.73%. The ex-dividend date is Monday, September 9th.

Parex Resources Trading Down 0.8 %

Shares of PXT opened at C$13.13 on Friday. The company has a debt-to-equity ratio of 2.90, a quick ratio of 1.45 and a current ratio of 1.14. The company has a market cap of C$1.33 billion, a price-to-earnings ratio of 3.24, a PEG ratio of 0.21 and a beta of 1.45. The stock has a fifty day moving average price of C$18.63 and a two-hundred day moving average price of C$21.06. Parex Resources has a 52-week low of C$11.33 and a 52-week high of C$28.23.

Parex Resources (TSE:PXT) last released its quarterly earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share (EPS) for the quarter. The business had revenue of C$499.23 million during the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. Analysts predict that Parex Resources will post 2.5941176 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director G.R. (Bob) Mac Dougall acquired 7,674 shares of Parex Resources stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average price of C$13.05 per share, with a total value of C$100,115.00. In other Parex Resources news, Director Sigmund Cornelius bought 7,500 shares of Parex Resources stock in a transaction on Wednesday, September 4th. The shares were purchased at an average cost of C$13.16 per share, for a total transaction of C$98,718.75. Also, Director G.R. (Bob) Mac Dougall bought 7,674 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of C$13.05 per share, with a total value of C$100,115.00. Over the last quarter, insiders have purchased 33,274 shares of company stock worth $438,657. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PXT shares. Royal Bank of Canada cut shares of Parex Resources from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from C$23.00 to C$17.00 in a research note on Thursday, August 29th. Cormark decreased their price objective on Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Haywood Securities dropped their target price on Parex Resources from C$33.00 to C$25.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Eight Capital cut Parex Resources from a “buy” rating to a “neutral” rating and decreased their price target for the company from C$32.50 to C$16.00 in a report on Friday, August 30th. Finally, Jefferies Financial Group dropped their price objective on Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$25.27.

About Parex Resources

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.