Parex Resources (TSE:PXT) Reaches New 12-Month High – Here’s Why

Parex Resources Inc. (TSE:PXT)’s share price reached a new 52-week high on Thursday . The company traded as high as C$21.65 and last traded at C$21.56, with a volume of 167868 shares traded. The stock had previously closed at C$21.08.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Roth Mkm set a C$24.00 price target on Parex Resources and gave the stock a “buy” rating in a report on Friday, December 12th. Royal Bank Of Canada lowered their target price on shares of Parex Resources from C$21.00 to C$20.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 13th. Finally, Jefferies Financial Group boosted their target price on shares of Parex Resources from C$18.00 to C$20.50 in a research report on Monday, December 15th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$20.90.

Parex Resources Trading Up 2.2%

The stock has a market cap of C$2.07 billion, a PE ratio of 18.25, a PEG ratio of 0.21 and a beta of 0.70. The company’s fifty day moving average is C$19.16 and its 200-day moving average is C$18.33. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.18 and a quick ratio of 1.45.

Parex Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 15th were paid a dividend of $0.385 per share. The ex-dividend date of this dividend was Monday, December 8th. This represents a $1.54 dividend on an annualized basis and a yield of 7.1%. Parex Resources’s payout ratio is 92.82%.

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.