Parex Resources (TSE:PXT) Stock Breaks Below Two Hundred Day Moving Average – What’s Next?

Parex Resources Inc. (TSE:PXT)’s stock price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of C$25.31 and traded as low as C$23.82. Parex Resources shares last traded at C$23.92, with a volume of 1,088,702 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PXT. ATB Cormark Capital Markets set a C$35.00 price target on Parex Resources and gave the company an “outperform” rating in a report on Monday, October 26th. Scotiabank boosted their price objective on Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$28.30.

Parex Resources Price Performance

The company has a debt-to-equity ratio of 34.66, a quick ratio of 1.45 and a current ratio of 0.88. The business’s fifty day simple moving average is C$27.75 and its 200 day simple moving average is C$25.33. The stock has a market cap of C$1.91 billion, a price-to-earnings ratio of 3.33, a price-to-earnings-growth ratio of 0.21 and a beta of 0.25.

Parex Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th were paid a $0.3850 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date was Tuesday, September 8th. Parex Resources’s payout ratio is 18.57%.

Insider Activity at Parex Resources

In related news, insider Cam Grainger acquired 2,000 shares of Parex Resources stock in a transaction on Monday, August 24th. The shares were purchased at an average cost of C$27.40 per share, for a total transaction of C$54,800.00. Following the purchase, the insider directly owned 43,584 shares of the company’s stock, valued at C$1,194,201.60. The trade was a 4.81% increase in their position. Also, insider Michael Kruchten sold 21,382 shares of the firm’s stock in a transaction on Monday, October 19th. The stock was sold at an average price of C$29.21, for a total transaction of C$624,568.22. Following the transaction, the insider directly owned 61,620 shares of the company’s stock, valued at approximately C$1,799,920.20. This represents a 25.76% decrease in their ownership of the stock. 1.64% of the stock is currently owned by corporate insiders.

About Parex Resources

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia.