Parex Resources (TSE:PXT) Hits New 1-Year High – Here’s Why

Parex Resources Inc. (TSE:PXT) reached a new 52-week high on Monday . The stock traded as high as C$23.64 and last traded at C$23.23, with a volume of 232856 shares changing hands. The stock had previously closed at C$23.15.

Analyst Upgrades and Downgrades

A number of analysts have commented on PXT shares. Royal Bank Of Canada upped their price target on Parex Resources from C$20.00 to C$23.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 5th. Jefferies Financial Group lifted their price objective on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Finally, 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. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Parex Resources presently has an average rating of “Moderate Buy” and a consensus target price of C$21.50.

Parex Resources Stock Performance

The company has a market cap of C$2.24 billion, a PE ratio of 19.78, a PEG ratio of 0.21 and a beta of 0.63. The company has a current ratio of 1.11, a quick ratio of 1.45 and a debt-to-equity ratio of 2.16. The business’s 50 day moving average is C$20.36 and its two-hundred day moving average is C$18.94.

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

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.