Parex Resources (TSE:PXT) Stock: Insider Sigmund Cornelius Buys 5,000 Shares

Parex Resources Inc. (TSE:PXT) Director Sigmund Cornelius bought 5,000 shares of the business’s stock in a transaction on Monday, November 9th. The shares were acquired at an average price of C$19.84 per share, for a total transaction of C$99,200.00. Following the completion of the purchase, the director owned 57,916 shares in the company, valued at approximately C$1,149,053.44. The trade was a 9.45% increase in their position.

Parex Resources Stock Down 0.8%

Parex Resources stock opened at C$19.66 on Wednesday. The firm has a market cap of C$1.89 billion, a price-to-earnings ratio of 3.30, a PEG ratio of 0.21 and a beta of 0.25. The stock has a fifty day simple moving average of C$27.41 and a two-hundred day simple moving average of C$25.33. Parex Resources Inc. has a 12 month low of C$17.12 and a 12 month high of C$30.44. The company has a current ratio of 0.88, a quick ratio of 1.45 and a debt-to-equity ratio of 34.66.

Parex Resources Dividend Announcement

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

Key Stories Impacting Parex Resources

Here are the key news stories impacting Parex Resources this week:

• Positive Sentiment: Multiple insiders bought Parex shares on November 9. Director Sigmund Cornelius bought 5,000 shares for C$99,200, director Glenn McNamara bought 7,500 shares for C$151,950, and insider Imad Mohsen’s largest reported purchase was 24,870 shares for about C$499,141. These purchases may signal confidence in the company, although insider buying alone does not guarantee a recovery. Parex insider transactions
• Negative Sentiment: A separate report said Parex shares had fallen 16.8%, pointing to considerable recent selling pressure. It did not identify a specific cause for the decline, so investors have limited information about what is driving the weakness. Parex Resources share-price decline

Analysts Set New Price Targets

PXT has been the subject of several research analyst reports. ATB Cormark Capital Markets set a C$35.00 price objective on Parex Resources and gave the stock an “outperform” rating in a report on Monday, October 26th. 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 note on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$28.30.

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.