Parex Resources (TSE:PXT) Lowered to “Neutral” at Eight Capital

Eight Capital downgraded shares of Parex Resources (TSE:PXT) from a buy rating to a neutral rating in a research report released on Friday morning, BayStreet.CA reports. The firm currently has C$16.00 target price on the stock, down from their prior target price of C$32.50.

Several other equities research analysts have also recently weighed in on the company. Royal Bank of Canada cut Parex Resources from an outperform rating to a sector perform rating and dropped their target price for the company from C$23.00 to C$17.00 in a report on Thursday. 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 report on Friday. Scotiabank dropped their price objective on Parex Resources from C$23.00 to C$19.00 and set a sector perform rating for the company in a report on Friday. Jefferies Financial Group dropped their price objective on Parex Resources from C$23.80 to C$19.50 in a report on Thursday. Finally, Cormark dropped their price objective on Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average target price of C$25.27.

Parex Resources Price Performance

Shares of Parex Resources stock opened at C$13.53 on Friday. The firm has a market capitalization of C$1.37 billion, a PE ratio of 3.28, a price-to-earnings-growth ratio of 0.21 and a beta of 1.47. Parex Resources has a 12 month low of C$11.33 and a 12 month high of C$28.23. The business’s 50-day moving average price is C$19.48 and its 200-day moving average price is C$21.32. The company has a current ratio of 1.14, a quick ratio of 1.45 and a debt-to-equity ratio of 2.90.

Parex Resources (TSE:PXT) last issued its earnings results on Wednesday, July 31st. The company reported C$0.05 earnings per share for the quarter. The company 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%. Sell-side analysts forecast that Parex Resources will post 4.0255814 EPS for the current fiscal year.

Parex Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 16th will be given a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 11.38%. The ex-dividend date of this dividend is Monday, September 9th. Parex Resources’s dividend payout ratio is currently 37.38%.

Insider Transactions at Parex Resources

In other news, Director G.R. (Bob) Mac Dougall bought 7,674 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was purchased at an average price of C$13.05 per share, with a total value of C$100,115.00. Corporate insiders own 1.56% of the company’s stock.

Parex Resources Company Profile

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.