Parex Resources Inc. (TSE:PXT) Raises Dividend to $0.39 Per Share

Parex Resources Inc. (TSE:PXT) announced a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Monday, June 10th will be paid a dividend of 0.385 per share on Monday, June 17th. This represents a $1.54 annualized dividend and a dividend yield of 6.38%. The ex-dividend date of this dividend is Monday, June 10th. This is a boost from Parex Resources’s previous quarterly dividend of $0.38.

Parex Resources Stock Performance

Shares of TSE PXT traded down C$0.45 during mid-day trading on Friday, hitting C$24.15. The company had a trading volume of 24,262 shares, compared to its average volume of 532,068. The firm has a market cap of C$2.49 billion, a P/E ratio of 4.16, a PEG ratio of 0.21 and a beta of 1.59. The company has a debt-to-equity ratio of 4.93, a current ratio of 1.31 and a quick ratio of 1.45. Parex Resources has a 12 month low of C$20.17 and a 12 month high of C$30.06. The business’s 50-day simple moving average is C$22.51 and its 200-day simple moving average is C$23.81.

Parex Resources (TSE:PXT) last announced its quarterly earnings results on Thursday, February 29th. The company reported C$1.74 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.42 by C$0.32. The firm had revenue of C$508.73 million for the quarter. Parex Resources had a net margin of 39.26% and a return on equity of 25.03%. As a group, analysts predict that Parex Resources will post 5.8679707 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Senior Officer Imad Mohsen acquired 9,500 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was purchased at an average price of C$21.10 per share, for a total transaction of C$200,450.00. Insiders own 1.54% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PXT shares. Scotiabank cut their price objective on Parex Resources from C$28.00 to C$27.00 and set a “sector perform” rating for the company in a report on Friday, March 1st. TD Securities reduced their price target on shares of Parex Resources from C$28.70 to C$27.20 in a research report on Tuesday, January 16th. Royal Bank of Canada dropped their price objective on shares of Parex Resources from C$32.00 to C$28.00 and set an “outperform” rating for the company in a report on Friday, March 1st. Finally, Stifel Nicolaus cut their target price on shares of Parex Resources from C$32.75 to C$31.00 and set a “buy” rating for the company in a research note on Monday, March 4th.

Parex Resources Company Profile

Parex Resources Inc engages in the exploration, development, production, and marketing of oil and natural gas in Colombia. The company's principal land holdings and exploration blocks are in Colombia Llanos and Magdalena Basin. It has 55% working interest in Block LLA-34; 100% working interest in Cabrestero Block; and 50% working interest in Capachos Block and Block VIM-1.