Parex Resources (TSE:PXT) Reaches New 52-Week High – Here’s Why

Parex Resources Inc. (TSE:PXT)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as C$21.65 and last traded at C$21.56, with a volume of 167868 shares changing hands. The stock had previously closed at C$21.08.

Wall Street Analyst Weigh In

PXT has been the topic of several recent analyst reports. Royal Bank Of Canada reduced 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 research note on Tuesday, January 13th. Roth Mkm set a C$24.00 target price on shares of Parex Resources and gave the stock a “buy” rating in a research note on Friday, December 12th. Finally, Jefferies Financial Group raised their target price on shares of Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$20.90.

Parex Resources Trading Down 0.8%

The company has a market capitalization of C$2.08 billion, a P/E ratio of 18.34, a PEG ratio of 0.21 and a beta of 0.70. The company’s fifty day simple moving average is C$19.33 and its 200-day simple moving average is C$18.40. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.45 and a current ratio of 1.18.

Parex Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 15th were given a $0.385 dividend. This represents a $1.54 annualized dividend and a dividend yield of 7.1%. The ex-dividend date of this dividend was Monday, December 8th. Parex Resources’s payout ratio is presently 92.82%.

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.