Cormark Analysts Reduce Earnings Estimates for Parex Resources Inc. (PXT)
Parex Resources Inc. (TSE:PXT) – Equities researchers at Cormark dropped their Q3 2017 EPS estimates for shares of Parex Resources in a note issued to investors on Thursday. Cormark analyst G. Ursu now forecasts that the company will post earnings of $0.30 per share for the quarter, down from their previous estimate of $0.42. Cormark also issued estimates for Parex Resources’ Q1 2018 earnings at $0.42 EPS, Q2 2018 earnings at $0.44 EPS, Q3 2018 earnings at $0.47 EPS, Q4 2018 earnings at $0.48 EPS and FY2019 earnings at $2.13 EPS.
A number of other brokerages also recently weighed in on PXT. CIBC raised their price objective on Parex Resources from C$18.50 to C$21.50 in a research report on Wednesday, April 26th. TD Securities raised their price objective on Parex Resources from C$21.00 to C$22.00 and gave the company a “buy” rating in a research report on Friday, May 12th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of C$21.50.
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Parex Resources (TSE:PXT) opened at 13.62 on Friday. The stock has a 50 day moving average price of $14.90 and a 200 day moving average price of $15.98. Parex Resources has a 52-week low of $13.38 and a 52-week high of $18.22. The stock has a market cap of $2.10 billion and a price-to-earnings ratio of 1945.71.
Parex Resources Company Profile
Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in South America. It holds interests in onshore exploration and production blocks totaling approximately 2,091,404 gross acres in Colombia. The company has proved plus probable reserves of 41.1 million barrels of oil equivalent.
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