Parex Resources (TSE:PXT) Reaches New 52-Week High – Time to Buy?

Parex Resources Inc. (TSE:PXT)’s share price hit a new 52-week high on Friday. The stock traded as high as C$30.27 and last traded at C$30.23, with a volume of 184,748 shares trading hands. The stock had previously closed at C$29.18.

Analysts Set New Price Targets

Separately, Scotiabank upped their target price on shares of Parex Resources from C$29.00 to C$30.00 and gave the company a “sector perform” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of C$26.62.

Parex Resources Price Performance

The company has a quick ratio of 1.45, a current ratio of 0.88 and a debt-to-equity ratio of 34.66. The company’s fifty day moving average price is C$28.01 and its two-hundred day moving average price is C$26.11. The company has a market cap of C$2.90 billion, a price-to-earnings ratio of 5.08, a PEG ratio of 0.21 and a beta of 0.17.

Parex Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th were issued a dividend of $0.3850 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 5.1%. Parex Resources’s payout ratio is presently 18.57%.

Insiders Place Their Bets

In related news, insider Cam Grainger acquired 2,000 shares of the business’s stock in a transaction on Monday, August 24th. The stock was purchased at an average cost of C$27.40 per share, for a total transaction of C$54,800.00. Following the completion of the transaction, the insider directly owned 43,584 shares of the company’s stock, valued at approximately C$1,194,201.60. The trade was a 4.81% increase in their position. Also, insider Eric Furlan sold 8,000 shares of Parex Resources stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of C$29.20, for a total value of C$233,600.00. Following the sale, the insider directly owned 111,301 shares of the company’s stock, valued at approximately C$3,249,989.20. The trade was a 6.71% decrease in their ownership of the stock. Company insiders own 1.64% of the company’s stock.

Parex Resources Company Profile

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.