Parex Resources (TSE:PXT) Shares Down 9.6% – Should You Sell?

Parex Resources Inc. (TSE:PXT)’s stock price was down 9.6% during mid-day trading on Wednesday . The stock traded as low as C$24.83 and last traded at C$24.83. Approximately 64,755 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 877,145 shares. The stock had previously closed at C$27.48.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PXT shares. Jefferies Financial Group upped their price objective on Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Roth Mkm set a C$24.00 price objective on Parex Resources and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Royal Bank Of Canada upped their price objective on Parex Resources from C$23.00 to C$28.00 and gave the company a “sector perform” rating in a research note on Friday, March 13th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$22.50.

Parex Resources Stock Down 9.4%

The stock has a market cap of C$2.39 billion, a P/E ratio of 9.50, a price-to-earnings-growth ratio of 0.21 and a beta of 0.02. The company has a quick ratio of 1.45, a current ratio of 1.11 and a debt-to-equity ratio of 2.16. The firm has a 50 day simple moving average of C$23.46 and a 200-day simple moving average of C$20.21.

Parex Resources (TSE:PXT) last announced its earnings results on Wednesday, March 4th. The company reported C$0.43 earnings per share for the quarter. The company had revenue of C$223.53 million for the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

Parex Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Wednesday, March 25th were paid a dividend of $0.385 per share. The ex-dividend date was Wednesday, March 18th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 6.2%. Parex Resources’s dividend payout ratio (DPR) is 42.29%.

Parex Resources Company Profile

Parex Resources Inc engages in exploration, development, and production of crude oil. The company brings technology utilized in the Western Canada Sedimentary Basin to South American basins with large oil-in-place potential. Majority of the company’s properties are focused in Colombia, where it pays a royalty or tax to the government for its operations. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.