Parex Resources (TSE:PXT) Hits New 12-Month High – What’s Next?

Shares of Parex Resources Inc. (TSE:PXT) hit a new 52-week high during trading on Tuesday . The company traded as high as C$22.68 and last traded at C$22.08, with a volume of 115389 shares trading hands. The stock had previously closed at C$21.96.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PXT. Jefferies Financial Group increased their price objective on Parex Resources from C$18.00 to C$20.50 in a research note on Monday, December 15th. Royal Bank Of Canada dropped their target price on shares of Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 13th. Finally, Roth Mkm set a C$24.00 price target on shares of Parex Resources and gave the company a “buy” rating in a research report on Friday, December 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$20.90.

Parex Resources Stock Performance

The business’s fifty day moving average price is C$19.80 and its 200-day moving average price is C$18.66. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.45 and a current ratio of 0.99. The stock has a market cap of C$2.14 billion, a PE ratio of 18.93, a P/E/G ratio of 0.21 and a beta of 0.70.

Parex Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were issued a dividend of $0.385 per share. This represents a $1.54 annualized dividend and a yield of 6.9%. The ex-dividend date was Monday, December 8th. Parex Resources’s dividend payout ratio (DPR) 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.