Parex Resources (TSE:PXT) Hits New 12-Month High After Dividend Announcement

Parex Resources Inc. (TSE:PXT)’s share price hit a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$26.45 and last traded at C$26.36, with a volume of 345987 shares traded. The stock had previously closed at C$26.32.

The newly announced dividend which will be paid on Wednesday, March 25th. Shareholders of record on Wednesday, March 25th will be paid a $0.385 dividend. The ex-dividend date is Wednesday, March 18th. This represents a $1.54 dividend on an annualized basis and a yield of 5.9%. Parex Resources’s payout ratio is 42.29%.

Wall Street Analyst Weigh In

PXT has been the subject of several recent research reports. 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. Royal Bank Of Canada lifted their target price on shares of Parex Resources from C$23.00 to C$28.00 and gave the stock a “sector perform” rating in a report on Friday, March 13th. Finally, Roth Mkm set a C$24.00 price target on shares of Parex Resources and gave the company a “buy” rating in a research report on Friday, December 12th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of C$22.50.

Parex Resources Stock Performance

The firm has a market cap of C$2.52 billion, a P/E ratio of 10.03, a PEG ratio of 0.21 and a beta of 0.63. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.45 and a current ratio of 1.11. The stock’s 50-day moving average is C$21.12 and its 200 day moving average is C$19.24.

Parex Resources (TSE:PXT) last posted its earnings results on Wednesday, March 4th. The company reported C$0.43 earnings per share (EPS) for the quarter. The firm had revenue of C$223.53 million during the quarter. Parex Resources had a return on equity of 13.39% and a net margin of 26.85%.

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. Parex depends on a team of geologists and geophysicists, in partnership with technologies such as 3D seismic surveying, to help exploration efforts.