Parex Resources (TSE:PXT) Announces Quarterly Earnings Results

Parex Resources (TSE:PXT) released its earnings results on Tuesday. The company reported C$0.07 EPS for the quarter, FiscalAI reports. The company had revenue of C$284.35 million during the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

Parex Resources Price Performance

Shares of Parex Resources stock traded down C$1.33 on Tuesday, hitting C$26.91. The company’s stock had a trading volume of 211,754 shares, compared to its average volume of 868,891. The company has a market capitalization of C$2.58 billion, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 0.21 and a beta of 0.18. Parex Resources has a 52-week low of C$12.14 and a 52-week high of C$30.20. The firm has a fifty day moving average price of C$26.11 and a 200-day moving average price of C$21.54. The company has a quick ratio of 1.45, a current ratio of 1.11 and a debt-to-equity ratio of 2.16.

Parex Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Wednesday, March 25th were given a $0.385 dividend. The ex-dividend date was Wednesday, March 18th. This represents a $1.54 annualized dividend and a dividend yield of 5.7%. Parex Resources’s payout ratio is currently 42.29%.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada increased their price target on shares of Parex Resources from C$28.00 to C$32.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Parex Resources currently has a consensus rating of “Moderate Buy” and an average price target of C$23.30.

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.