Parex Resources (TSE:PXT) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Parex Resources Inc. (TSE:PXT) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$18.18 and traded as high as C$21.09. Parex Resources shares last traded at C$20.22, with a volume of 782,398 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PXT. Roth Mkm set a C$24.00 target price on shares of Parex Resources and gave the company a “buy” rating in a research note on Friday, December 12th. Jefferies Financial Group raised their price objective on shares of Parex Resources from C$18.00 to C$20.50 in a report on Monday, December 15th. Finally, Royal Bank Of Canada reduced their target price on Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 13th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$20.90.

Parex Resources Stock Up 1.7%

The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. The stock’s 50-day moving average price is C$19.00 and its two-hundred day moving average price is C$18.22. The stock has a market capitalization of C$1.97 billion, a PE ratio of 17.42, a P/E/G ratio of 0.21 and a beta of 0.70.

Parex Resources (TSE:PXT) last posted its quarterly earnings data on Tuesday, November 4th. The company reported C$0.52 EPS for the quarter. The business had revenue of C$311.63 million for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%.

Parex Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 15th were given a $0.385 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date of this dividend was Monday, December 8th. Parex Resources’s payout ratio is currently 92.82%.

About Parex Resources

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.