Parex Resources (TSE:PXT) Given New C$23.00 Price Target at Royal Bank Of Canada

Parex Resources (TSE:PXT) had its price objective increased by analysts at Royal Bank Of Canada from C$20.00 to C$23.00 in a report issued on Thursday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price points to a potential upside of 2.36% from the company’s previous close.

A number of other brokerages have also commented on PXT. Jefferies Financial Group boosted their target price on Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Roth Mkm set a C$24.00 price objective on Parex Resources and gave the company a “buy” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Parex Resources currently has an average rating of “Moderate Buy” and an average price target of C$21.50.

Parex Resources Stock Down 1.2%

Shares of Parex Resources stock traded down C$0.28 during trading on Thursday, reaching C$22.47. 610,447 shares of the company traded hands, compared to its average volume of 648,209. The firm has a market capitalization of C$2.16 billion, a PE ratio of 19.04, a P/E/G ratio of 0.21 and a beta of 0.70. Parex Resources has a 1-year low of C$10.30 and a 1-year high of C$23.31. The company has a 50 day moving average price of C$19.97 and a 200-day moving average price of C$18.73. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.99 and a quick ratio of 1.45.

Parex Resources (TSE:PXT) last posted its quarterly earnings results on Wednesday, March 4th. The company reported C$0.43 EPS for the quarter. Parex Resources had a net margin of 10.97% and a return on equity of 5.88%. The business had revenue of C$223.53 million during the quarter.

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.