Royal Bank of Canada Cuts Parex Resources (TSE:PXT) Price Target to C$15.00

Parex Resources (TSE:PXT) had its price objective trimmed by Royal Bank of Canada from C$17.00 to C$15.00 in a research note released on Tuesday morning, BayStreet.CA reports.

Other equities research analysts have also issued reports about the company. Scotiabank dropped their price target on Parex Resources from C$23.00 to C$19.00 and set a sector perform rating on the stock in a research report on Friday, August 30th. Haywood Securities dropped their target price on Parex Resources from C$33.00 to C$25.00 and set a buy rating on the stock in a research report on Friday, August 30th. Cormark dropped their target price on Parex Resources from C$33.00 to C$30.00 in a research report on Thursday, August 1st. Jefferies Financial Group dropped their target price on Parex Resources from C$23.80 to C$19.50 in a research report on Thursday, August 29th. Finally, Eight Capital lowered Parex Resources from a buy rating to a neutral rating and dropped their target price for the stock from C$32.50 to C$16.00 in a research report on Friday, August 30th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of C$22.97.

Parex Resources Stock Performance

PXT stock opened at C$12.12 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90. The firm has a market cap of C$1.23 billion, a P/E ratio of 2.87, a P/E/G ratio of 0.21 and a beta of 1.45. Parex Resources has a 12-month low of C$11.33 and a 12-month high of C$28.23. The stock’s 50 day simple moving average is C$16.98 and its 200 day simple moving average is C$20.48.

Parex Resources (TSE:PXT) last posted 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 for the quarter. Parex Resources had a return on equity of 17.02% and a net margin of 26.15%. As a group, equities research analysts predict that Parex Resources will post 2.6732456 EPS for the current year.

Parex Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 16th were paid a $0.385 dividend. The ex-dividend date was Monday, September 9th. This represents a $1.54 annualized dividend and a dividend yield of 12.71%. Parex Resources’s payout ratio is 36.49%.

Insider Transactions at Parex Resources

In other Parex Resources news, Senior Officer Eric Furlan purchased 3,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was bought at an average price of C$11.85 per share, with a total value of C$35,550.00. In other news, Senior Officer Eric Furlan bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was acquired at an average price of C$11.85 per share, with a total value of C$35,550.00. Also, Director G.R. (Bob) Mac Dougall bought 7,674 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were purchased at an average cost of C$13.05 per share, with a total value of C$100,115.00. Over the last quarter, insiders acquired 54,804 shares of company stock valued at $705,285. 1.64% of the stock is currently owned by corporate insiders.

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.