Parex Resources (TSE:PXT) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

Parex Resources Inc. (TSE:PXT)’s share price passed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$25.81 and traded as high as C$27.03. Parex Resources shares last traded at C$26.45, with a volume of 839,396 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Scotiabank raised their target price on Parex Resources from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 13th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Parex Resources presently has a consensus rating of “Hold” and an average target price of C$26.62.

Parex Resources Stock Up 3.1%

The firm has a market capitalization of C$2.67 billion, a P/E ratio of 4.66, a PEG ratio of 0.21 and a beta of 0.13. The company has a debt-to-equity ratio of 34.66, a quick ratio of 1.45 and a current ratio of 0.88. The stock has a 50 day moving average of C$26.38 and a 200-day moving average of C$25.84.

Parex Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 15th were paid a dividend of $0.3850 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Tuesday, September 8th. Parex Resources’s dividend payout ratio is presently 18.57%.

Insider Activity at Parex Resources

In other Parex Resources news, insider Cam Grainger acquired 2,000 shares of Parex Resources stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average cost of C$27.40 per share, for a total transaction of C$54,800.00. Following the purchase, the insider owned 43,584 shares of the company’s stock, valued at approximately C$1,194,201.60. This represents a 4.81% increase in their ownership of the stock. Also, insider Imad Mohsen bought 24,250 shares of the stock in a transaction on Tuesday, July 7th. The shares were acquired at an average cost of C$20.61 per share, for a total transaction of C$499,792.50. Following the acquisition, the insider directly owned 165,410 shares in the company, valued at approximately C$3,409,100.10. This trade represents a 17.18% increase in their ownership of the stock. 1.64% of the stock is currently owned by company insiders.

About Parex Resources

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.