Parex Resources (TSE:PXT) Shares Down 2.2%

Shares of Parex Resources Inc. (TSE:PXT) fell 2.2% during mid-day trading on Wednesday . The company traded as low as C$12.54 and last traded at C$12.55. 49,819 shares were traded during trading, a decline of 92% from the average session volume of 641,165 shares. The stock had previously closed at C$12.83.

Analyst Upgrades and Downgrades

PXT has been the topic of a number of analyst reports. Royal Bank of Canada downgraded 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. Eight Capital lowered shares of Parex Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from C$32.50 to C$16.00 in a research report on Friday, August 30th. Scotiabank cut their price target on shares of Parex Resources from C$23.00 to C$19.00 and set a “sector perform” rating for the company in a report on Friday, August 30th. Jefferies Financial Group decreased their price objective on shares of Parex Resources from C$23.80 to C$19.50 in a report on Thursday, August 29th. Finally, Cormark dropped their target price on shares of Parex Resources from C$33.00 to C$30.00 in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of C$25.27.

Parex Resources Trading Down 0.2 %

The business has a 50 day moving average of C$18.07 and a 200-day moving average of C$20.87. The stock has a market cap of C$1.22 billion, a PE ratio of 2.97, a price-to-earnings-growth ratio of 0.21 and a beta of 1.45. 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 quarterly earnings data 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%. On average, analysts anticipate that Parex Resources Inc. will post 2.5941176 EPS for the current year.

Parex Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.385 per share. The ex-dividend date is Monday, September 9th. This represents a $1.54 annualized dividend and a dividend yield of 12.80%. Parex Resources’s dividend payout ratio is currently 38.02%.

Insider Transactions at Parex Resources

In other Parex Resources news, Director G.R. (Bob) Mac Dougall purchased 7,674 shares of the business’s stock in a transaction on Friday, August 30th. The stock was bought at an average cost of C$13.05 per share, for a total transaction of C$100,115.00. In related news, Director Glenn Mcnamara acquired 7,200 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were acquired at an average cost of C$13.08 per share, for a total transaction of C$94,140.00. Also, Director G.R. (Bob) Mac Dougall bought 7,674 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of C$13.05 per share, with a total value of C$100,115.00. Insiders bought a total of 50,974 shares of company stock worth $659,842 over the last ninety days. 1.60% 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.