Jefferies Financial Group Forecasts Strong Price Appreciation for Parex Resources (TSE:PXT) Stock

Parex Resources (TSE:PXT) had its price objective upped by equities researchers at Jefferies Financial Group from C$18.00 to C$20.50 in a report released on Monday,BayStreet.CA reports. Jefferies Financial Group’s target price indicates a potential upside of 12.58% from the company’s current price.

PXT has been the subject of several other reports. Royal Bank Of Canada boosted their target price on Parex Resources from C$20.00 to C$21.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 7th. Scotiabank upped their target price on shares of Parex Resources from C$17.00 to C$20.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Roth Capital set a C$24.00 price target on shares of Parex Resources and gave the stock a “buy” rating in a research report on Friday. Finally, BMO Capital Markets upgraded shares of Parex Resources from a “hold” rating to an “outperform” rating and upped their price objective for the company from C$16.00 to C$20.00 in a research report on Monday, September 15th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$21.10.

Parex Resources Trading Up 1.1%

TSE PXT traded up C$0.20 during trading hours on Monday, hitting C$18.21. The company’s stock had a trading volume of 185,048 shares, compared to its average volume of 630,605. The stock has a fifty day moving average of C$18.34 and a 200 day moving average of C$16.81. The company has a quick ratio of 1.45, a current ratio of 1.18 and a debt-to-equity ratio of 1.81. Parex Resources has a twelve month low of C$10.30 and a twelve month high of C$19.81. The firm has a market capitalization of C$1.78 billion, a P/E ratio of 15.43, a PEG ratio of 0.21 and a beta of 0.61.

Parex Resources (TSE:PXT) last issued its earnings results on Tuesday, November 4th. The company reported C$0.52 EPS for the quarter. Parex Resources had a net margin of 19.08% and a return on equity of 13.52%. The company had revenue of C$311.63 million during the quarter.

About Parex Resources

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.