Cormark Lowers Parex Resources (TSE:PXT) Price Target to C$30.00

Parex Resources (TSE:PXT) had its price target reduced by equities research analysts at Cormark from C$33.00 to C$30.00 in a research report issued on Thursday, BayStreet.CA reports. Cormark’s price target would suggest a potential upside of 61.81% from the stock’s current price.

Separately, Jefferies Financial Group lowered their price target on shares of Parex Resources from C$27.20 to C$23.80 in a report on Thursday.

Parex Resources Stock Down 10.5 %

PXT traded down C$2.17 during trading on Thursday, reaching C$18.54. 1,859,492 shares of the stock traded hands, compared to its average volume of 534,110. The stock’s 50-day simple moving average is C$21.60 and its two-hundred day simple moving average is C$22.12. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.25 and a quick ratio of 1.45. Parex Resources has a fifty-two week low of C$18.36 and a fifty-two week high of C$28.76. The stock has a market cap of C$1.89 billion, a price-to-earnings ratio of 3.43, a price-to-earnings-growth ratio of 0.21 and a beta of 1.56.

Parex Resources (TSE:PXT) last posted its earnings results on Wednesday, May 8th. The company reported C$0.78 earnings per share for the quarter, missing the consensus estimate of C$1.03 by C($0.25). The company had revenue of C$382.38 million for the quarter. Parex Resources had a net margin of 35.11% and a return on equity of 22.25%. As a group, equities research analysts expect that Parex Resources will post 5.2746479 EPS for the current year.

Insider Activity

In other news, Director Robert John Engbloom bought 10,000 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were acquired at an average cost of C$23.22 per share, for a total transaction of C$232,200.00. Corporate insiders own 1.54% of the company’s stock.

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.