Parex Resources (TSE:PXT) Sets New 1-Year High – Still a Buy?

Parex Resources Inc. (TSE:PXT)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as C$19.78 and last traded at C$19.72, with a volume of 302777 shares. The stock had previously closed at C$19.17.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PXT. Jefferies Financial Group increased their target price on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Scotiabank raised their price objective on Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. Royal Bank Of Canada lowered their price target on shares of Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating on the stock in a report on Tuesday. Finally, Roth Capital set a C$24.00 price objective on shares of Parex Resources and gave the stock a “buy” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Parex Resources presently has an average rating of “Moderate Buy” and an average price target of C$20.90.

Parex Resources Stock Up 2.8%

The company has a market capitalization of C$1.92 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 0.21 and a beta of 0.76. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18. The business’s 50 day moving average is C$18.32 and its 200 day moving average is C$17.38.

Parex Resources (TSE:PXT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported C$0.52 earnings per share (EPS) for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%. The business had revenue of C$311.63 million for the quarter.

Parex Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 15th were given a $0.385 dividend. The ex-dividend date was Monday, December 8th. This represents a $1.54 dividend on an annualized basis and a yield of 7.8%. Parex Resources’s dividend payout ratio is currently 92.82%.

Parex Resources Company Profile

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.