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

Parex Resources Inc. (TSE:PXT)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$24.26 and traded as high as C$25.57. Parex Resources shares last traded at C$25.49, with a volume of 1,651,643 shares changing hands.

Analyst Ratings Changes

Separately, Scotiabank raised their price objective on shares of Parex Resources from C$20.00 to C$29.00 and gave the company a “sector perform” rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$25.10.

Parex Resources Trading Up 2.1%

The company has a 50-day moving average price of C$23.73 and a 200-day moving average price of C$24.30. The firm has a market capitalization of C$2.52 billion, a price-to-earnings ratio of 4.40, a PEG ratio of 0.21 and a beta of 0.18. The company has a debt-to-equity ratio of 34.66, a quick ratio of 1.45 and a current ratio of 0.88.

Parex Resources (TSE:PXT) last issued its earnings results on Tuesday, May 12th. The company reported C$0.07 earnings per share for the quarter. The business had revenue of C$284.35 million for the quarter. Parex Resources had a return on equity of 27.68% and a net margin of 53.09%.

Insider Buying and Selling

In related news, insider Imad Mohsen acquired 24,250 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were bought at an average price of C$20.61 per share, with a total value of C$499,792.50. Following the completion of the acquisition, the insider owned 165,410 shares in the company, valued at C$3,409,100.10. This trade represents a 17.18% increase in their ownership of the stock. 1.64% of the stock is owned by corporate insiders.

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.